Why did they weep for Yaakov for seventy days?
Rashi: Forty days during the embalming period, and thirty independent days of weeping.
Why did the whole of Egypt weep for him?
Rashi: Because when Yaakov arrived in Egypt, Berachah came in his wake - the famine stopped, 1 and the waters of the Nile were blessed. 2
Targum Yonasan: The famine was initially destined to last 42 years. Forty of them were cancelled with the advent of Yaakov (Refer to 47:19:1:1*.) When the Egyptians now recalled that blessing, they referred to Yaakov as 'Yaakov Chasida.'
Seforno: In any event, they did not honor Yaakov merely because Yosef had ordered his embalming, but because he was worthy of royal treatment (which also explains why he is referred to by the name Yisrael.
What is the significance that the embalming was for 40 days?
Malbim: The Egyptians' foolish belief was that embalming is like a new building of the body, so it will last until the Nefesh returns to it after 3,000 years. It was for 40 days, just like the form of a fetus develops after 40 days. Also refer to 50:2:151:2.
Ha'amek Davar: Do not say that it was a while before Yosef decided to embalm. He decided immediately; the process takes 40 days.
QUESTIONS ON RASHI
Rashi writes: "'They filled [forty days] for him' - [I.e.] they completed the days of his embalming." What is Rashi clarifying for us?
Gur Aryeh: 'Filling' means the completion of a process, until its conclusion. Rashi explains that the process completed was the embalming.
Rashi writes: "Egypt wept for him for seventy days - Forty for embalming, and thirty for crying." Perhaps the crying alone lasted seventy days?
Gur Aryeh: The proper duration for crying [for the leader of the generation] is thirty days, as we find regarding Moshe (Devarim 34:8) and Aharon (Bamidbar 20:29).
Rashi writes: "'... Seventy days' - Forty for embalming, and thirty for crying." Why did they cry only after the embalming was completed?
Gur Aryeh: While still working with the deceased they were preoccupied, and it was not the appropriate time to cry.