An email I got from elal (travel agent)
In light of the current situation in Israel, a full refund without penalty will be given to anyone who was supposed to travel to or from Israel in the next 2 weeks (on or before November 29, 2012) and want to cancel their trip. (This applies to tickets issued on or before November 14th.)
For passengers wanting to change their return ticket (either to or from Israel) and travel on or before November 29, 2012, there will be no change penalty.
EL AL passengers who did not begin their travel plans and want to postpone their flight until after November 29, 2012 will receive credit for the value of their ticket toward the purchase of a new ticket. There will be no change or service fees for changes if the new travel dates are within 6 months of their original departure date.
Our hearts and prayers are with the citizens of Israel.
Thank you,
The North America Team