In short:

Israel's military says it is targeting Hezbollah's financial arm "all over Lebanon".

Spokesman Daniel Hagari said anyone "who will be near the sites used to finance Hezbollah's terrorist activity is required to stay away from them immediately".

In Gaza, Israeli strikes on homes left at least 87 people dead or missing, the territory's health ministry said.

Explosions and traffic jams have hit parts of Beirut, with hundreds of panicked residents fleeing their homes after Israel took aim at a "large number of targets" linked to Hezbollah's financial arm.

The Israel Defense Forces (IDF) issued evacuation warnings for people in parts of Beirut and "anyone who will be near the sites used to finance Hezbollah's terrorist activity is required to stay away from them immediately".

Shortly afterwards, several blasts struck Beirut, including next to the international airport, and a large fire was seen in city's southern suburbs.

Hundreds of Beirut residents fled their homes after the warning, with panicked crowds clogging the streets and causing traffic jams, witnesses said.

Attacks on cash-based organisation 'a big deal'

Al-Qard al-Hassan, the main organisation used by Hezbollah to manage its finances, has more than 30 branches across Lebanon, including 15 in densely populated parts of central Beirut and its suburbs.

"It's a big deal," said David Asher, an expert on illicit financing who has worked at the US defence and state departments and is now a senior fellow at the Hudson Institute.

"AQAH is a cash-based organisation. The cash will be trash [after the strikes]."

He said Al-Qard al-Hassan had large accounts with big Lebanese banks.

Al-Qard al-Hassan in a statement called the decision to target it a sign of Israel's "bankruptcy" and assured customers it had taken "measures" to ensure their funds were safe.

A stream of people left the areas surrounding its branches in Beirut.

In one evacuation notice, for the Choueifat area south of Beirut, the Israeli military mislabelled one target, causing confusion and panic.

The location was labelled as Grand Cinema ABC Verdun, a theatre in an upscale shopping mall in central Beirut more than 10 kilometres away.

Evacuation warnings affected southern Beirut, the eastern Bekaa valley and parts of southern Lebanon.

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