This points to the situation in the New Jerusalem, where a river will flow out of the throne of God and of the Lamb to water the holy city (Rev. 22:1).

All the enemies surrounding Israel will be punished (vv. 19-21a). Thus, the nations will be punished, Israel will be restored, and Christ will be manifested. This will be a prelude to the new heaven and new earth with the New Jerusalem (Rev. 21:1-2).

This describes the rich situation in the Holy Land during the restoration, which will be brought in by the manifestation of Christ (see note Joel 2:28¹, par. 2). The restoration will include not only Israel but also the whole human race, the earth, and the entire universe. The purpose of the restoration is to restore the God-created and fallen universe, which was defiled and polluted by two rebellions: the rebellion of Satan and the angels who followed him (Isa. 14:12-15; Rev. 12:4, 9) and the rebellion of man (Gen. 3:1-6). The consummation of the restoration will be the new heaven and the new earth with the New Jerusalem as the center (Rev. 21:1-2). See note Isa. 30:26¹ and note Hosea 6:11¹.

After the defeat of Antichrist at Armageddon, Christ will reign among Israel on the holy mountain of Zion within Jerusalem (vv. 16-17, 21b) in the restoration (v. 18). As Christ reigns in Jerusalem, He will be a shelter and a stronghold to the children of Israel. Because of this, no one will be able to damage Israel anymore.

These are Christ’s overcomers, who will return with Christ as His army to defeat Antichrist at the battle of Armageddon (Rev. 17:14; 19:11-21) and who will be His co-kings in the millennium (Matt. 19:28; Rev. 2:26-27; 20:4, 6).

I.e., Greeks.

This is the judgment of Christ on the nations — the judgment on the living (Acts 10:42; 17:31; 2 Tim. 4:1). The purpose of Christ’s judgment will be to recompense the nations’ mistreatment of Israel during the great tribulation (vv. 2-8; Rev. 12:17; 13:7, 10; Matt. 25:41-46a). In His judgment on the nations, first Christ with His overcomers as the mighty ones (v. 11; Rev. 17:14; 19:11-14) will defeat Antichrist and his armies (the nations) at Armageddon (v. 16a; Rev. 14:19-20; 16:13-16; 17:14; 19:11-21). After Christ casts Antichrist and the false prophet into the lake of fire, He will set up His throne in Jerusalem, and all the living persons among the nations, as the goats and the sheep, will be gathered before Him to be judged by Him. The goats will be the evil ones, those who persecuted the Jews during the tribulation, and the sheep will be the good ones, those who helped the persecuted Jews (Matt. 25:31-46 and notes).

Meaning Jehovah judges.

The gathering of the nations to the valley of Jehoshaphat (vv. 2, 11-12, 14) will be for the treading of the winepress of the fury of God in the war at Armageddon (v. 13; Rev. 14:19-20 and note Rev. 14:19^1a).