The Immigration Ministry said on Sunday that some 40,000 Ukrainians and 24,000 Russians arrived in Israel since the Russian invasion of Ukraine.
There are currently 17,000 requests to immigrate from Russian citizens, being processed and a further 60,000 are eligible to immigrate according to the Law of Return.
The government approved a sum of 90 million shekels for the ministry, in order to meet the demand for housing, health care and education for the new arrivals.
Immigration Minister Pnina Tamano-Shata instructed ministry officials at the Ben Gurion International Airport to prepare to the surge in arrivals of new immigrants.
"We will continue to ensure that all the immigrants from Russia arriving in Israel in this difficult time, will receive a comprehensive package of assistance to help them begin their process of absorption," Tamano-Shata said.
"I thank the finance minister and the members of the government for their quick response and their cooperation. This is an important step that highlights the government's commitment to immigration," she said.
Finance Minister Avigdor Liberman said the ministry will not hold back funding to support immigration.
"This is a strategic asset for Israel and the greatest growth engine for the country, since its establishment," he said.
But immigrants will face obstacles upon their arrival including a shortage of Hebrew language schools and their ability to assimilate into the job market.
There are currently 95 Hebrew language schools operated by the Education Ministry, which have already catered to some 10,000 immigrants.
In the private sector, an additional 29 schools offer courses and immigrants can receive vouchers to cover the costs.
However waiting time for those courses are long, as teachers are in short supply and without language, immigrants will face a tougher time finding work and assimilating into Israeli society.