The sudden collapse of powerful empires often shatters the hopes of smaller nations that look to them for protection. When faced with the terrifying threat of the King of Assyria, the Israelites desperately sought safety in foreign alliances. The primary approach among commentators is that the people experiencing this crisis are the Israelites, specifically the surviving tribes of Judah and Benjamin, or the leaders of Judah [רד״ק, שד״ל]. In their panic, they attempted to flee to Egypt [אבן עזרא] or placed their trust in the combined military might of Cush and Egypt to save them from the Assyrian advance [רד״ק].
Witnessing the defeat of these great superpowers plunges the Israelites into a profound crisis. Their reaction is one of complete despair, representing a deep, internal breaking of the spirit [מצודת ציון, ביאור שטיינזלץ]. A fascinating distinction exists in how the Israelites related to each of these two allied nations. Toward Cush, the people simply directed their gaze, looking to them with the practical expectation of receiving direct military assistance in battle [רד״ק, אבן עזרא, ביאור שטיינזלץ]. When Cush falls, the Israelites are left with the bitter reality of shattered expectations [מלבי״ם].
Their connection to Egypt, however, was much deeper and more emotional. The Israelites viewed Egypt as their glory, actively boasting and taking pride in their prestigious alliance with the Egyptian empire [רש״י, מצודת דוד, אבן עזרא]. Because their relationship was built on national pride, the collapse of Egypt does more than just ruin their plans for survival. It brings them a profound sense of public shame, exposing the foolishness of taking pride in a worthless source of support [מלבי״ם].