More than 123,000 individuals find themselves displaced within the Gaza Strip as a result of the ongoing conflict between Palestinian militants and Israel, as reported by the United Nations on Monday.

The UN's humanitarian agency, OCHA, stated, "Over 123,538 people have been internally displaced in Gaza, primarily due to fear, concerns for safety, and the destruction of their residences."

A significant portion of these displaced individuals, more than 73,000, has sought refuge in schools, some of which have been designated as emergency shelters by OCHA.

The conflict escalated with Israel conducting numerous airstrikes on Gaza since Saturday, following Hamas militants' lethal attacks in Israel and their launching of thousands of rockets into the country.

Adnan Abu Hasna, a spokesperson for the UN agency for Palestinian refugees, expressed the anticipation of a further increase in these numbers, stating, "There’s electricity in these schools, we provide them with a meal, clean water, psychological support, and medical treatment."

The Gaza Strip, home to 2.3 million Palestinians, has endured a challenging situation since 2007 when Hamas came into power, subjecting its residents to a debilitating Israeli blockade.