It sucks to possibly be downgraded, but if it happens to you it's best to happen to a flight from/to TLV - according to Tibi law (consumer law focusing on flight disruption) you will be entitled to 80% according to paragraph 3A5, if they refuse to pay or notify you of your rights in writing then they are breaching paragraph 14A3.

If IB will try breaching the law, they may face exemplary compensation of up to 10,000 NIS (2,500$) in addition to the original compensation.

Here is the complete law (Hebrew only, couldn't manage to find an English version) - let me know if you need help understanding it...).