In modern allegory the Battle of Five Armies may represent the Arab-Israeli Conflict.
Note this is just my interpretation.
Bilbo = the British
Gandalf = Pope and Roman Catholic Church
Eagles = the Americans
Thorin & the Dwarves = Israelis
Erebor = Palestine
Arkenstone = Jerusalem and the Temple Mount
Thranduil & the Wood Elves of Mirkwood = Europe
Bard & Men of the Long Lake = Jordan
Goblins, Orcs & Wargs = Muslim Countries
Plot: Thorin and the Dwarves escaped from the Wood Elves (= The Jews left Europe)
Thorin and the Dwarves arrived at Erebor (= The Jews return to Palestine and found Israel)
Bilbo secretly took the Arkenstone and gave it to Thranduil & Bard (= The British gave Jerusalem and the Temple Mount to the Jordanians)
Bilbo was expelled from Erebor (= The British left Palestine).
The Battle of Five Armies then ensued (= Arab-Israeli war)
en.wikipedia.org/wiki/Battle_of_Five_Armies#Battle_of_Five_Armies
en.wikipedia.org/wiki/Arab_Israeli_War