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The real story behind Israel's flag ...
The blue stripes are to convey the prayer shawl, not the supposed Israeli borders:

http://www.israel-mfa.gov.il/MFA/History/Modern%20History/Israel%20at%2050/The%20Flag%20and%20the%20Emblem

"Zionist tradition credits the design of the Zionist flag to David Wolffsohn. Legend even tells precisely when Wolffsohn had his brainstorm, namely, that during a meeting in Basel Herzl raised the question of the Zionist flag. When his proposal of a white banner with seven gold stars failed to marshal a consensus, Wolffsohn stood up and said: "Why do we have to search? Here is our national flag." Upon which he displayed his prayer shawl and showed everyone the national flag: a white field with blue stripes along the margin. "

"The blue stripes on the Zionist flag were inspired by the stripes on the tallit (prayer shawl). The tallit has two separate symbolic aspects: the light blue hue and the stripes. Some say that the stripes are meant to recall the one dyed strand of the ritual fringes (tzitzit). This leads to the significance of the hue itself. According to the Torah, one strand in the tzitzit should be light blue. To judge from references in the Talmud, it was a shade between green and blue. Many symbolic meanings were attributed to it. Rabbi Meir said that it recalls the color of the sky; Rabbi Judah ben Illai maintained that the color of Aaron's staff was light blue, as were the Tablets of the Law, and this is why God commanded the Jews to include it on their prayer shawls: "As long as the people of Israel are looking at this tehelet, they are reminded of {the words} written on the tablets and observe them." In other words, the sight of the color tehelet leads to observance of the commandments."

The Palistinian Flag:

Red: symbolizes the Ashrafs of the Hijaz and the Hashemites, descendants of the Prophet Mohammed.

Black: generally symbolizes the Prophet Mohammed. It was used by the Abbasid Dynasty. It may also be a symbol of morning for the assassination of Mohammed's relatives.

White: the Umayyads ruled for ninety years, taking white as their symbolic color as a reminder of the Prophet's first battle at Badr, and to distinguish themselves from the Abbasids, by using white, rather than black, as their color of mourning.

Green: used by the The Fatimid Dynasty which was founded in Morocco by Abdullah Al-Mahdi, and went on rule all of North Africa. Tje Fatimids took green as their color, to symbolize their allegiance to Ali, the Prophet's cousin, who was once wrapped in a green coverlet in place of the Prophet in order to thwart an assassination attempt.