It was restored politically in 1948, just before the conclusion of the 'two days' since the birth of Christ, but Ezekiel's chronology says that the political revival is only the first stage of Israel's "revival."
"And I looked, and behold, sinews were on them, and flesh grew and skin covered them; but there was no breath in them." (Ezekiel 37:8, NKJ) The Hebrew word translated "breath" is "ruwach," a word that primarily means "spirit," particularly in this context about "spiritual animation."
Israel is physically alive, but, to this moment, it is corporately spiritually dead. That "quickening" of the spirit is accomplished by faith in Christ ("And you He made alive, who were dead in trespasses and sins." Ephesians 2:1, NKJ).
So, to return to Hosea, we find the prophecy that after two days, Israel will be revived, but in the third day, they will be "quickened" so that Israel might "live in His sight."
Israel's physical revival has been an ongoing process for 57 years as the world's Jews, including members of the Ten Lost Tribes, are being re-gathered to the land of Israel. Ezekiel's prophecy of Israel's redemption process is almost complete.
No matter how one approaches it, either by accepting Ussher's calculations from creation, or accepting our calendar reckoning of time since the birth of Christ, the conclusion is inescapable.
Hosea said of the Jews, "after two days will He revive us, and in the third day ... we will live in His sight."
Peter says that "The Lord is not slack concerning His promise, as some men count slackness; but is longsuffering toward us, not willing that any should perish, but that all should come to repentance" (2 Peter 3:9).
It is clear that God is extending His "grace period" (the Church Age of Grace) to give all men one last chance to accept the gift of pardon that He extends to them, but it is equally clear that His patience is being rapidly exhausted.
How much longer will He wait before returning for His Church and effecting Israel's national redemption at the conclusion of the Tribulation Period?
Given the 12-year gap, we are somewhere between four years before and eight years into Hosea's Third Day.
I don't believe we can calculate the Jesus' sudden coming for His Church, because Jesus said no man could know the day or the hour.
But He did say, "So, you too, when you see all these things [the predicted signs], recognize that He is near, right at the door" (Matthew 24:33). He is very near, indeed!
Maranatha!