Cyprus government announces tourism support measures amid economic shifts

On March 26, 2026, the Cypriot Cabinet approved a support plan for hotels and tourist accommodations active from April 1 to April 30, 2026. The scheme is designed to protect employment following a decline in tourism caused by regional geopolitical tensions. To qualify, businesses must report a turnover drop of at least 40 percent compared to April 2025 or maintain an occupancy rate below 60 percent. While industry representatives acknowledged the government's intervention, they criticized the exclusion of leisure centers from the package, arguing this omission causes market competition distortion. Meanwhile, the Economic Research Centre reported a 0.01 percent decline in the CCLEI for March 2026, signaling a weakening economic trajectory. Separately, the ExxonMobil and QatarEnergy consortium submitted a declaration of commerciality for the Pegasus and Glaucus gas fields on March 30, 2026. This development represents a significant step toward the exploitation of natural gas resources in block 10.