Cyprus’ Transport Minister, Yiannis Karousos will on Thursday convey Nicosia’s concerns about legislative initiatives at EU level on air transport since it is estimated they will lead to steep air fare prices, to the detriment of island Member States.

According to a press release by the Transport Ministry, Karousos will hold meetings in Brussels on Thursday with EU officials about the Fit for 55 Package, and will give an interview to POLITICO news outlet, on the same subject.

Karousos is scheduled to meet with Executive Vice-President of the European Commission, Frans Timmermans, who is leading the European Commission's work on the European Green Deal and Kurt Vandenberghe, European Green Deal Advisor at Cabinet of European Commission President Ursula von der Leyen.

In his meetings, the Minister, "will convey the concerns of Cyprus, as a periphery and island state of the EU, regarding the legislative proposals concerning air transport,” the press release said.

It adds that, according to Cyprus’ estimates, the total cost of air transport for the 27 EU Member States by 2050 is estimated to be €1.4 trillion, while in Cyprus the concern is focused on the cumulative cost for the period between 2024 and 2050, which is estimated to reach € 18 billion in an economy of €24 billion.

In addition, based on the assessment made of the impact that the legislative package will have on the economy of Cyprus, it is estimated that air ticket prices will increase by 40% to 50%, which will lead to a reduction in tourism revenues by 15% to 20% and in the Gross Domestic Product by 1.75%.

During his contacts, according to the press release, Karousos will reiterate Cyprus' commitment to supporting the goals of the Fit for 55 package, in relation to the environment and the reduction of emissions and will explain to his interlocutors Nicosia’s suggestions. Cyprus is seeking to improve the legal framework so as to take into account the specificities of the island and periphery EU Member States which, due to their geographical location, are highly dependent on air transport.