According to valid unofficial information, Cyprus Airways failed to agree with tour operators from St. Petersburg in Russia to take over the flights of the bankrupt Eurocypria airlines.
Cyprus airways and the Russian stakeholders did not agree on the prices the airline asked and therefore the negotiations have failed.
This is huge hit towards the bleeding Cypriot Tourism industry since it lets Cyprus tourism without many options to re-conquer the Russian market. Here is worth mentioning that the Cypriot state managed to simplify the visa issue for Russian visitors and only this action gave an increase of 50% on tourism arrivals from the Russian Federation.
It seems that Cyprus Airways cannot cope with the flights undertaken by the already bankrupt Eurocypria and the promises of the Cypriot administration cannot be fulfilled at least in the short term. This turnout leaves the steam engine of the Cypriot economy without fuel. The Cypriot tourism stakeholders have just had the fist signs of the incompetiveness of their state which will cost to the country much more than tourism arrivals.
Cyprus air transport is going through a very tough period due to corruption and wrong management. The stubbornness of the Cypriot government to hide problems for many years, the boards of directors of the two airlines need to go under investigation now and clarify who is responsible for this very serious economic disaster the country is about to face. At the same time brave decisions are needed to privatise the air transport sector and give back to the market the good name and good reputation in such a way that the tour operators and travels regain trust to Cyprus as a destination.