Israel seems to have weathered the Nakhba reasonably well, so far. Visions of millions of people streaming across borders have been shown to be a mirage.
The dispossession of Jewish homes, properties and possessions in Arab lands is an important story to emphasise. Ynet has a good article on it here by Tani Goldstein.
Goldstein writes “The Jews’ situation began deteriorating with the Arab national awakening, before the State of Israel’s establishment. “From a British mandate, Iraq turned into an autonomic state in 1932 and immediately began disinheriting the Jews,” says Yehuda. “They weren’t accepted to schools and universities and were dismissed from jobs with all sorts of claims.”
Who led the restrictions? “The Arab nationalists and the militant Muslims. The establishment was not happy with the situation but was dragged into it, and most of the population was ambivalent: In day-to-day life they had friendly relations with the Jews, but when a Jew was appointed as a judge or government worker it bothered them, because according to their perception, a Jew is not supposed to control Muslims.”