Entitled "Humiliation of the Crusaders of Europe," the film attempts to present the bombings as part of a holy war between Christianity and Islam.
"This is just the beginning of your nightmare", a Belgian Isis fighter, Abu Abdullah al-Beljiki, warns.
Isis' latest propaganda video is entitled 'Humiliation of the Crusaders of Europe'
The jihadi, whose real name is thought to be Lotfi Aoumeur, appeared in a previous Isis video threatening Brussels last year.
The video, thought to be filmed in Mosul, also uses footage of the capture of Paris attacker Salah Abdeslam.
It also mistakenly claims an old video of an attack in Russia was from the bombings in Brussels.
New Brussels airport aftermath video shows total devastation inside terminal
In an effort to provoke more attacks, the aftermath of air strikes against Isis are shown along with the claim the Brussels attacks were revenge for civilian deaths.
Religious songs (nasheeds) are heard in Arabic, and a picture is shown of young boys dressed in camouflage, sitting with assault rifles and reading the Quran.
Belgian Isis fighter Abu Abdullah al-Beljiki (left) warns the attacks are 'just the beginning of your nightmare'
Another Belgian Isis fighter, Abu Mujahid al-Baljiki, speaks in the video
A map of Belgium exploding is shown three times throughout the video. An Isis militant is also shown shooting an assault rifle at drawings of human-shaped targets on a wall.
Another propaganda video released in the wake of the Brussels attacks shows a picture of Donald Trump in flames as he gives an interview in the aftermath of Tuesday's bombings.
Analysts have said Isis propaganda videos form part of the group's routine strategy, using alarmist statements by politicians and news anchors as a "trophy to declare victory".
A previous statement released by Isis claimed Belgium was targeted as "a country participating in the international coalition against the Islamic State," although the country only carried out a limited bombing campaign in Iraq before stopping air strikes in June 2015.
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