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Transforming Cyprus’ Airports: Government And Hermes Sign Landmark Agreement

by THEFUTURE.TEAM

December 24, 2024

The Cyprus government and Hermes Airports have formalised a landmark agreement to initiate the second phase of development for Larnaca and Paphos international airports. Signed at the Presidential Palace, the agreement also resolves longstanding disputes related to the airports’ concession.

Transport Minister Alexis Vafeades described the deal as a critical step in enhancing public interest. The ambitious plan involves simultaneous construction projects at both airports, commencing in late Q1 2025. These works depend on finalising loan agreements with banks and securing necessary planning approvals.

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Minister Vafeades and Hermes CEO Eleni Kalogirou hailed the agreement as transformative for Cyprus’ tourism, local communities, and economy. Currently, both airports collaborate with 55 airlines, connecting Cyprus to 38 countries through 156 routes.

Key Updates And Developments

The upgrades will significantly expand both airports’ capacities:

Larnaca Airport: Expansion of the terminal by approximately 20,000 square metres, new passenger boarding gates with a connected wing, and increased aircraft parking spaces. Completion is expected within 30 months.
Paphos Airport: A 30% expansion of the terminal area and extension of the southern parallel taxiway to enhance safety and capacity. Completion is targeted within 27 months.

Upon completion, the airports will collectively serve over 17.4 million passengers annually, a 43% increase from the expected 12.2 million passengers in 2024.

Financial And Legal Agreements

Negotiations resulted in extending the concession agreement by 18 months and settling disputes:

€30 million in compensation paid by the Republic of Cyprus.
A €20 million loan from the Republic to Hermes Airports in exchange for withdrawing claims related to the illegal Tymbou airport in the Turkish-occupied north.
The upgrades impose no additional financial burden on public funds, relying instead on private financing and the concession extension.

Economic Impact

The development builds on the airports’ historical success:

Larnaca and Paphos airports were constructed with a €640 million investment.
Over 18 years, the Republic of Cyprus has collected €607 million in concession fees from Hermes Airports.
The agreement underscores Cyprus’ readiness for further investment and connectivity growth.

The upgrades aim to improve passenger comfort and experience at every stage, adopting modern management practices to handle increasing traffic efficiently.

Airports will serve over 17.4 million passengers annually, bolster Cyprus’ international standing, and foster economic growth without burdening public finances.

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EU Farm Output Prices Decline For The First Time In Nine Months

by THEFUTURE.TEAM

March 12, 2026

EU Market Adjustments Signal New Price Trends

Agricultural output prices across the European Union declined in the fourth quarter of 2025, marking a shift after several quarters of increases. Data from Eurostat shows that farm gate prices fell by 1.9% compared with the same period in 2024.

Crisis of Declining Prices In Select Markets

Cyprus recorded one of the more notable decreases in agricultural input costs among EU member states, with prices falling by 2.6% compared with Q4 2024. The reduction eased cost pressures for the local agricultural sector following periods of higher prices earlier in 2025. Across the EU, prices for goods and services consumed in agriculture remained relatively stable. Non-investment inputs such as energy, fertilisers and feedingstuffs showed limited overall changes during the quarter.

Country-Specific Divergence In Price Movements

Eurostat data highlights considerable variation across member states. Fifteen EU countries recorded declines in agricultural output prices. Belgium registered the largest decrease at 12.9%, followed by Lithuania (8.2%) and Germany (6.0%). At the same time, twelve countries reported increases in output prices. Ireland recorded the strongest rise at 6.8%, followed by Slovenia (5.6%) and Malta (4.2%).

Stability In Agricultural Inputs Amid Commodity Shifts

Agricultural input prices also showed mixed developments. Eleven member states recorded declines, including Cyprus (2.6%), Belgium (2.1%) and Sweden (2.0%). Other countries experienced moderate increases, including Lithuania (4.2%), Ireland (3.3%) and Romania (2.5%). Among major agricultural commodities, milk prices declined by 4.1% while cereal prices fell by 8.9% across the EU. In contrast, fertilisers and soil improvers increased by 7.9%, reflecting continued volatility in input markets.

Outlook For EU Agriculture

The latest Eurostat data points to uneven price developments across the EU agricultural sector. While input prices remained broadly stable in many markets, movements in output prices varied significantly between member states. These trends highlight the need for farmers and policymakers to adapt to shifting commodity prices and changing cost structures across the European agricultural market.