It is Turkey that needs Israel more than ever. Indeed the meeting in Cyprus was "historic". It represents the advent of a countervailing force, to the one that Turkey has taken for itself to be. Turkey may be the hub for distribution of oil and gas north and east, but there will be an alternative route for these products coming from the Middle East, and Egypt, westward to Europe; all the better for the world's security, and much more progressive.
Whether the cost is four or five times more is not the point, safe and honest brokerage is. Erdogan's Turkey does not offer this to anyone anymore, isolated as he has made himself to be.
(There are no guarantees with Erdogan, for anything, either.)
It is possible for Turkey to shift its intentions though, and this can be made clear, with the recognition of Cyprus as the Republic that it is, an equal, neither "Greek" or "Turkish", but a State much like its own, dedicated to the Universal Principals that all men and women, as Individuals, are equal, without any further discrimination or distinction necessary.
If greed gets the better of the Israeli leadership, it will, at the cost of Israel's security, succeed in making a few men rich. Beyond that, thinking about the new relationships being built at this moment, comprehensively speaking there is a far greater potential for wealth that enriches the lives of many, not just these few. (And let's not forget that there are a few tripartite meetings going on that, Israel and Cyprus, Greece and Cyprus, and Cyprus alone, are involved in, as well.)
Turkey too, like Israel, by its own choosing, may find itself better off with Cyprus the link between an Israeli hub (and/or a Cypriot hub) toward a larger market, from a larger market, and its own. It is also something to think about.