Santorini Tourist Sector Confronts Declining Arrivals Amid Earthquake And Economic Challenges

Declining Numbers Signal A Shift In Demand

Santorini, one of Greece’s most celebrated islands, is witnessing a significant downturn in tourist activity. After a year of recovery efforts following the COVID-19 pandemic, the island’s capital, Fira, now sees sparsely populated streets and quiet alleys—a stark contrast to its usual summer bustle.

Earthquakes And Economic Hesitancy Impact Growth

Recent seismic events have not only shaken the island’s infrastructure but also deterred international visitors. Data from local tourism authorities reveal that available airline seats in Santorini have plummeted by 26% since the start of the year, with projected losses in overall arrivals ranging from 10% to 15%. This downturn is particularly concerning given that Santorini attracts over 3 million visitors annually, constituting approximately 10% of Greek tourism revenue.

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Industry Leaders Sound The Alarm

Yannis Paraschis, president of the Association of Greek Tourism Enterprises (SETE), emphasized the alarming decline in air travel while Antonis Pagoni, president of Santorini hoteliers, warned that overall visitor arrivals could drop by as much as 20%-25%. Such a reduction poses significant risks not only for the island’s hospitality sector but for the broader Greek economy as well.

Adaptive Strategies And Future Outlook

In response, local hoteliers are offering substantial discounts on room rates to attract last-minute tourists. Despite daily stops by several cruise ships—which deliver thousands of visitors to the island—the ongoing cost of living crisis is curbing spending on accommodations, dining, and retail purchases. The forthcoming cruise tax, scheduled for implementation in July, is not expected to affect this year’s visitation figures, but it remains a variable in the evolving tourism landscape.

Conclusion

As Santorini navigates both natural disruptions and economic headwinds, its tourism sector faces a challenging road ahead. Industry leaders stress that the continued decline in visitor numbers could have ripple effects across all facets of the Greek economy, necessitating swift and innovative measures to restore confidence and buoy revenue streams.

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Cyprus Income Distribution 2024: An In-Depth Breakdown of Economic Classes

by THEFUTURE.TEAM

December 24, 2025

New findings from the Cyprus Statistical Service offer a comprehensive analysis of the nation’s income stratification in 2024. The report, titled Population By Income Class, provides critical insights into the proportions of the population that fall within the middle, upper, and lower income brackets, as well as those at risk of poverty.

Income Distribution Overview

The data for 2024 show that 64.6% of the population falls within the middle income class – a modest increase from 63% in 2011. However, it is noteworthy that the range for this class begins at a comparatively low threshold of €15,501. Meanwhile, 27.8% of the population continues to reside in the lower income bracket (a figure largely unchanged from 27.7% in 2011), with nearly 14.6% of these individuals identified as at risk of poverty. The upper income class accounted for 7.6% of the population, a slight decline from 9.1% in 2011.

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Income Brackets And Their Thresholds

According to the report, the median equivalent disposable national income reached €20,666 in 2024. The upper limit of the lower income class was established at €15,500, and the threshold for poverty risk was set at €12,400. The middle income category spans from €15,501 to €41,332, while any household earning over €41,333 is classified in the upper income class. The median equivalents for each group were reported at €12,271 for the lower, €23,517 for the middle, and €51,316 for the upper income classes.

Methodological Insights And Comparative Findings

Employing the methodology recommended by the Organisation for Economic Co-operation and Development (OECD), the report defines the middle income class as households earning between 75% and 200% of the national median income. In contrast, incomes exceeding 200% of the median classify households as upper income, while those earning below 75% fall into the lower income category.

Detailed Findings Across Income Segments

Upper Income Class: Comprising 73,055 individuals (7.6% of the population), this group had a median equivalent disposable income of €51,136. Notably, the share of individuals in this category has contracted since 2011.
Upper Middle Income Segment: This subgroup includes 112,694 people (11.7% of the population) with a median income of €34,961. Combined with the upper income class, they represent 185,749 individuals.
Middle Income Group: Encompassing 30.3% of the population (approximately 294,624 individuals), this segment reports a median disposable income of €24,975.
Lower Middle And Lower Income Classes: The lower middle income category includes 22.2% of the population (211,768 individuals) with a median income of €17,800, while the lower income class accounts for 27.8% (267,557 individuals) with a median income of €12,271.

Payment Behaviors And Economic Implications

The report also examines how income levels influence repayment behavior for primary residence loans or rental payments. Historically, households in the lower income class have experienced the greatest delays. In 2024, 27.0% of those in the lower income bracket were late on payments—a significant improvement from 34.6% in 2011. For the middle income class, late payments were observed in 9.9% of cases, down from 21.4% in 2011. Among the upper income class, only 3% experienced delays, compared to 9.9% previously.

This detailed analysis underscores shifts in income distribution and repayment behavior across Cyprus, reflecting broader economic trends that are critical for policymakers and investors to consider as they navigate the evolving financial landscape.

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