More than 1,800 Palestinians were killed in the month-long assault on the Gaza Strip. The UN says 73 percent of them were civilians. Some estimates suggest that 40 percent of Gaza's infrastructure has been destroyed.
At the same time the Palestinian cause has gained more international support, especially as a result of social media. Hamas survived and even made some tactical gains.
For its part, Israel destroyed Hamas' network of tunnels. The offensive also showcased the effectiveness of the Iron Dome missile system - which shot down hundreds of Hamas rockets.
But what was gained on the military front seems lost on the political one - as international condemnation of Israeli actions reached unprecedented levels.
Sixty five Israelis, most of them soldiers, were killed during the offensive. Some countries cut off relations with Israel, while others boycotted Israeli products and goods.
Inside Story looks at the immediate outcome of the Israeli offensive on the Gaza Strip.
Presenter: Divya Gopalan
Dan Gillerman - former Israeli ambassador to the United Nations.
Rafeef Ziadah - Palestinian academic, poet and human rights activist.
Paul Arvanitopolous, founder of Aggelos Consulting - a strategic communications firm.