"Jews have been murdered again on European soil only because they were Jews and this wave of terrorist attacks – including murderous anti-Semitic attacks – is expected to continue," Netanyahu said at the beginning of a weekly cabinet meeting.
"Of course, Jews deserve protection in every country but we say to Jews…Israel is the home of every Jew," Netanyahu said, adding that Israel is preparing for "the absorption of mass immigration from Europe."
Netanyahu added he "will submit to the cabinet a 180 million shekels (roughly $46 million) plan to encourage the absorption of immigrants from France, Belgium and Ukraine."
"We will submit additional plans later. To the Jews of Europe and to the Jews of the world I say that Israel is waiting for you with open arms," he added.
Israeli paper Haaretz had reported that Netanyahu's government has working hard to double the number of Jewish immigrants to Israel from Europe by exploiting recent attacks.
Three people, including a gunman, have been killed and five other policemen injured in a spate of attacks that began Saturday night in Copenhagen.
On Sunday, Danish police said the attacker was gunned down near a train station in the center of Copenhagen following a manhunt with helicopters and armored vehicles.
The first attack happened on Saturday during a meeting attended by controversial Swedish artist Lars Vilks, known for his derogatory depictions of Prophet Muhammad. One civilian was killed and three police officers were wounded in the attack.
The second attack took place early on Sunday at a synagogue in Copenhagen and the attacker fled on foot after firing at police. One civilian was killed and two policemen were wounded, but their injuries were not life-threatening.
The Copenhagen attacks came one month after a spate of attacks that hit French capital Paris, which left a total of 17 people dead, including three attackers. One of the attacks targeted a kosher market.