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I would say that the significance of this account from a Christian standpoint would be its indication that God can and does miraculously intervene in human affairs not only in events on a large or national level, or in life-changing ways, but even in ordinary, small-scale, day-to-day activities to benefit individual followers. It also shows His knowledge and resulting response for human concerns or emotions surrounding a situation -- in this case with regard to the distress of the prophet who was using the axe as a result of a borrowed item having been lost, as well as to the welfare of the owner from whom the item had been borrowed. Finally, it served as public affirmation of Elisha's status as a genuine prophet, as part of the ongoing fulfillment of Elisha's request of Elijah (just before Elijah was caught up to heaven) that he might receive a double portion of the same divine Spirit that had empowered Elijah in his prophetic activities (2 Kings 2:9-12).
All of scripture is the story of Jesus. I think maybe that the stick, is symbolic of the cross of Jesus. He can and does rescue us. Most axe heads were not made of iron in those days. The axe head was very valuable. I think it is symbolic of us sinking in sin. The faith that Elisha exercised by using the stick resulted in a miracle. We too must trust our Faith in Jesus, He alone is our rescue.
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