JERUSALEM—Israel's national airline says it will honor tickets purchased this week at discount prices after fares were reduced erroneously.

El AL Airlines said Thursday it is investigating the incident but decided to "honor those tickets that where purchased and ticketed" regardless.

The mistake drastically lowered round-trip airfare between New York and Israel on El Al Airlines and created a run on tickets for a three-hour period.

At least 5,000 tickets were purchased Monday after El Al posted fares for less than $400, down from an average of $1,600.

The New York Post says news of the bargain fare quickly spread through New York's Orthodox Jewish communities after a website sent out an alert.

El Al blames the mistake on a contractor responsible for posting fares.