Cyprus Cabinet Approves Additional €70 Million Emergency Package to Combat Rising Living Costs
The Cyprus cabinet has approved a new €70 million emergency package aimed at tackling inflation and the rising cost of living, raising total government support to around €160 million. The decision was announced by Finance Minister Makis Keravnos following the cabinet meeting on Wednesday.
The new measures include extending electricity subsidies, reducing VAT on essential products and photovoltaic systems, and providing a one-off payment of €200 to 53,511 vulnerable citizens. Increased financial assistance will also be provided for residents of mountainous areas.
Keravnos emphasized that the government’s sound economic policy, which has produced budget surpluses and reduced public debt, allowed for the introduction of these additional supports. This new package builds on earlier cost-of-living interventions already implemented by the government.
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