"In contrast to Gehazi who had received the reward of his unfaithfulness, the account unfolded here is a demonstration of the reward of faithful labor."38
The expensive39iron ax head was similar to Israel since it was an instrument used for constructive and destructive purposes (cf. Exod. 19:5-6). Like the ax, Israel had belonged to another, Egypt, but God used it for a temporary job He had to do since the Exodus. Unfortunately Israel had gone its own way (flown off the ax handle) and appeared lost to any further usefulness. Perhaps the water symbolized the nations among whom Israel had sunk since water often represents the Gentile nations elsewhere in the Old Testament. Nevertheless God was able to restore His people to a place of usefulness again even as Elisha restored the ax head to its user. I suspect that around the fireside that night, after this incident took place, Elisha explained the significance of this miracle for the sons of the prophets. From then on they passed this story along until it became part of the folklore of Israel.