Eurovision is not going to make huge sums in tourism like a major sporting event but it is costing a fortune to lay on and many millions were shelled out by the government because the broadcasters did not have enough to pay the deposit for the rights to show it and that is just the deposit. So that means government has less money to spend on important projects.
It should have also been held in Jerusalem and if Jerusalem was never going to be a political option it should have been turned down because hosting it in Tel Aviv adds to the idea that Tel Aviv is where embassies should be. The only good thing about hosting Eurovision is it sends a message to the likes of BDS and those anti Israel foreign governments who support boycotts that Israel is open to business even if you do not like it.