This weekend in response to the emergence of the new Omicron variant of the coronavirus, the Israeli government announced a ban on foreign travellers.
The emergency measure starts from tonight and is due to last at least 14 days, expiring at the very earliest on the day after the competition.
But Tourism Minister Yoel Razvozov said contestants will be granted an exemption allowing them in for Miss Universe, scheduled for Sunday 12 December.
Among those taking part is Miss South Africa, Lalela Mswane.
She has been targeted by campaigners calling for her not to go led by Nelson Mandela’s grandson Mandla Mandela, who has urged the boycott of Israel as a “brutal apartheid regime”.
The South African government has succumbed to the pressure and withdrawn its support for Ms Mswane because of “atrocities committed by Israel against Palestinians”.
But on Saturday as she prepared to fly to Israel, Ms Mswane, 24, defiantly declared: “Being Miss South Africa is not only an honour but also a huge responsibility and I am determined to serve our country proudly in the best way that I can.”
The qualified lawyer added: “There is no greater time to shed light on issues affecting women, to choose courage over comfort and to be steadfast in my beliefs regarding the advancement of women and our rights.
“I view my participation in the pageant as a unique opportunity to not only do just that but to also be part of, and hopefully contribute to, a process of dialogue and peace.
“I wish to compete with the support of South Africans and do my country proud.”
The Red Sea resort is due to welcome scores of contestants from countries around the world.
Tourism Minister Mr Razvozov said: "This is an event that will be broadcast in 174 countries, a very important event, an event that Eilat, too, is very much in need of.
"We will know how to manage this event. So, by using the waivers committee, we will have events like this, to which the country already committed itself and cannot cancel."
Contestants may have to be given a PCR test every 48 hours while in Israel and also be subject to other measures to prevent the spread of Covid.
Miss Universe is now in its 70th year.
Both Morocco and the United Arab Emirates are due to be taking part after forging diplomatic relations with Israel in a landmark US-brokered deal last year, although the UAE has not yet announced the identity of its contestant.
