Madagascar plan.A new Israel?

What if,in a timeline in which WW-II is end in 1940 after Dunkerque with some agregment between III Reich and British Empire (no Churchill in this OTL) the nazis had given the green light to "Madagascar plan" http://en.wikipedia.org/wiki/Madagascar_Plan,and tranfered 4,000,000 of Jews in Madagascar?
At beginning the nazis had the control,but with years could born a Indipendent,large,New Israel?
 
The Soviets and/or Americans are aided by hundreds of thousands of fanatical Jewish fighters.

But this is ASB
 
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