Etek Finalizes 40 Million Euro Damage Estimate For Limassol Wildfire

by THEFUTURE.TEAM

September 25, 2025

Comprehensive Damage Assessment

The Scientific Technical Chamber of Cyprus (Etek) has completed its evaluation and submitted detailed damage estimates to the Ministry of Interior following the large wildfire on July 23, 2025, in the mountainous area of Limassol. The overall restoration cost is estimated at approximately 40 million euros.

Methodical Evaluation And Key Metrics

Etek reviewed around 760 requests, with 650 cases falling under its jurisdiction. The analysis reveals that roughly half of these requests involved complete destruction, with an average restoration cost of 115,000 euros per structure. Additionally, about 220 cases reported minor damage with a mean cost of 3,700 euros, while nearly 100 instances were classified as moderately damaged, each incurring an approximate cost of 30,000 euros.

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Robust Methodology And Transparent Process

The damage assessments were conducted using a proprietary mass valuation methodology developed by Etek. This method incorporates a detailed categorization of damage levels along with current cost estimates per square meter. The findings were gradually submitted to stakeholders beginning in early August, with final decisions pending Ministry approval; affected parties retain the right to appeal.

Leadership And Industrial Collaboration

ETEK President Konstantinos Konstantis emphasized that the engineering professionals demonstrated exceptional readiness and reliability during the crisis, delivering scientifically backed assessments through swift and transparent procedures. The Chamber extended its gratitude to the professional engineering organizations and all experts who contributed to the damage evaluation process.

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Cyprus Government’s Economic Policy: A Blueprint for Growth and Stability

by THEFUTURE.TEAM

October 1, 2025

Strong Budgetary Outlook for 2026

The President of the Republic, Nikos Christodoulidis, announced positive outcomes from the government’s policy initiatives during an afternoon session of the Cabinet Council held at the Presidential Mansion. The focal point of the meeting was the 2026 state budget, heralded as a symbol of economic strength and forward-looking development.

A Robust and Surplus Budget

At the outset, President Christodoulidis highlighted the importance of maintaining a dynamic economy—a priority among the government’s top five strategic objectives. The newly presented budget is not only surplus but also grounded in stability, offering a blend of social and developmental mandates. This financial blueprint underscores the government’s unwavering commitment to strategic investments and sustainable growth.

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Enhanced Social and Developmental Investments

Significant increases are planned in both developmental spending and social policy allocations. Notably, developmental expenditures are set to rise by 4.7% in addition to the 4% increase recorded in the 2025 budget. Social services, which saw a 5.3% boost in the previous year, are slated for a further 6.7% increase. Such measures are indicative of a policy designed to balance fiscal discipline with impactful public spending.

Reduction in Public Debt

One of the key highlights of the session was the projected decline in public debt. The debt-to-GDP ratio is expected to decrease from 73.6% in 2023, when the current administration assumed office, to 52.9% by 2026—placing Cyprus among the low-debt economies within the Eurozone. This significant reduction demonstrates prudent fiscal management and augurs well for long-term economic stability.

Strategic Focus on Education, Health, and Transformation

President Christodoulidis reiterated the government’s prioritization of sectors critical to national development. Investments in education, healthcare, and social welfare are being bolstered alongside initiatives for digital transformation and the green transition. Projections for 2026 include a growth rate of 3.1% and an unemployment rate maintained below 5%, approximately at 4.6%. Such targets reflect a resilient and balanced approach in the face of global uncertainties.

A Commitment to Responsible Governance

Drawing comparisons with economic conditions in major Eurozone countries and acknowledging Cyprus’s unique geopolitical challenges, the President emphasized that these results are a testament to responsible economic policy. The administration’s clear mandate remains: to act in the best interests of the Cypriot people, ensuring that responsible governance prevails without resorting to experimentation.

Looking Ahead

Concluding the address, President Christodoulidis affirmed that the government would persist in delivering results with the same sense of accountability. The approved 2026 budget marks the third fiscal plan under the current administration, underscoring a consistent commitment to transparency, fiscal prudence, and strategic development.

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