External tourism has been affected badly after the recent crash of Helios Airways aircraft and the car accident in Egypt, although many anticipate that it will gradually recover and will reach the high level of the past few months.

“Travelers have been shocked, but the situation is gradually stabilizing”, Permanent Secretary of the Cyprus Tour Operators, Thasos Katsourides told StockWatch.

“Although few flights have been cancelled from overseas, the demand for tickets has dropped. The initial shock has been followed by stabilization” Manager of External Tourism of Andy Spyrou Group, Evros Fotiades stated.

Travelers turn their back to Sharm El Sheikh

The Egyptian tourist resort Sharm El Sheikh, which is very popular to Cypriots, has been severely hit by the consecutive shocks by travelers.

“After the terror attacks and the accident, a large number of Cypriots has cancelled its scheduled flights to Sharm El Sheikh”, Chairman of the Cyprus Tour Operators, Akis Kelepesiis said.

In the first months of 2005, the number of Cypriots that visited the Egyptian resort increased to 10 thousand from 4 thousand in 2003. 90% of the travelers visit Sharm El Sheikh.