Iranian retaliation

He said potential Iranian retaliation on non-Israeli targets, such as oil shipping routes could drag Western powers into the conflict - and create resentment against Israel among their citizens.

Fellow INSS analyst Ephraim Kam said a nuclear-armed Iran would have major regional repercussions.

“It will make the Middle East less stable. It might induce other countries in the Middle East to join the nuclear race, countries like Egypt, Saudi Arabia or Turkey, or Syria, in the long run, perhaps even Iraq," said Kam.

But Brom said he thinks the security concerns of some Israeli leaders are overblown [exaggerated].

"We'll face security problems, but they will be not as severe as the predictions were. But of course the situation will not be as good as some people in the Western world thought," he said.

Brom said that weakened governance in neighboring states brought on by the Arab uprisings could become as great a security concern for Israel as the confrontation with Iran.