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Cyprus Confronts Water Crisis: Government Ramps Up Action To Ensure Supply

As Cyprus braces for another dry summer, the government is ramping up efforts to protect water resources and lessen dependence on unpredictable climate patterns. Authorities are implementing both immediate and long-term measures to safeguard agriculture and secure water access. With dam reserves at just 26% capacity, authorities prioritize immediate and long-term solutions to sustain agriculture and ensure water availability.

Government Strategy To Manage Water Scarcity

Minister of Agriculture, Rural Development, and Environment, Maria Panayiotou, outlined a 28-action strategic plan aimed at reducing reliance on rainfall-dependent irrigation. The five-year initiative focuses on improving water management, expanding desalination infrastructure, and exploring alternative water sources.

Investment Breakdown:

  • €109.3 million: Primary sector development (2024-2028)
  • €2.9 million: Agro-tourism, infrastructure, and circular economy in Arakapas The village of Arakapas benefits from €2.9 million allocated for agro-tourism, infrastructure, and circular economy projects.

Authorities Brace For A Difficult Summer

Deputy Director of the Water Development Department, Yiorgos Kazantzis, warned that irrigation water quotas will be drastically reduced in 2024. To mitigate the impact, priority will be given to professional farmers and permanent plantations.

Authorities are fast-tracking desalination projects. The Paphos desalination plant, currently under repair, is expected to be operational by August. A new 10,000 cubic meter/day desalination facility in Kissonerga is set for completion by October. Officials are also identifying underutilized boreholes and underground sources with the Geological Survey Department.

Encouraging Private Sector Involvement

The Cyprus Cabinet has approved measures allowing hotels and farmers to build private desalination plants, easing pressure on public infrastructure. Authorities are also ensuring that existing desalination plants operate at full capacity, except during maintenance.

Public Awareness And Conservation Efforts

Government-led water conservation campaigns stress the urgency of reducing wasteful consumption. Without public cooperation, Cyprus risks facing stricter water restrictions in 2025, when irrigation quotas could be further tightened.

With climate change exacerbating water shortages, Cyprus must act swiftly. Investments in desalination, groundwater extraction, and efficiency measures offer a proactive approach, but execution is critical. The success of these initiatives will be critical in securing Cyprus’ water future amid growing climate challenges.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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