The President of the Republic, Nikos Christodoulides, announced support measures for all sectors of the economy that have been affected by the war in the Middle East.
This is the TV message:
Compatriots, Compatriots,
Our country is located in a region with many geopolitical upheavals, such as the one we have been experiencing recently. In the face of this new crisis that we have to manage, our primary concern is the Security of citizens in all sectors. It was precisely within this context that the immediate response of Greece, France, Italy, Spain and the Netherlands strengthened the deterrent capacity of our country but also the sense of security of citizens. Through the same reasoning, it is of decisive importance that due to our responsible policy, the Economy of our country is Strong and Resilient and allows us to intervene effectively, always for the benefit of citizens and society, as, moreover, we have done in many cases, most recently with the support of our livestock farmers.
High growth rates, a significant fiscal surplus, limited public debt and low inflation – results of our responsible economic policy – are elements that allow us to optimally manage the impacts of regional developments and strengthen the ability of our economy to cope with external shocks.
From the very beginning, our Government acted with Responsibility and Planning, both in terms of initiatives for stability in the region and in terms of support for society.
Just as we have taken all the necessary measures and utilized every available tool to ensure the security of the country and its citizens, we are doing the same when it comes to providing substantial support to society, citizens and businesses.
Moreover, our Government, within the framework of its social policy, has long been implementing substantial support measures, such as the electricity subsidy for vulnerable consumers and businesses, the reduced VAT rate on electricity and the application of either a reduced or zero VAT rate on basic goods and services.
Ladies and Gentlemen,
Economic Stability is National Security!
And in times of challenges, responsible politics is the strongest guarantee for society. It is because of this path of Responsibility and Consistency that our country today has the necessary scope for substantial support.
I truly hope that the international initiatives that are underway will soon lead to a de-escalation. At the same time, however, and precisely because we must continue to be Serious and Responsible, in our planning we also take into account the scenario that the crisis may last. Through this reasoning and within the framework of our responsible approach to targeted, temporary and adapted measures, the Government is proceeding methodically and with a plan, so that the support is substantial.
Today, we are announcing a new set of additional measures, in addition to those already in force, aimed at further relieving households and supporting the real economy:
Specifically:
1. We are further reducing the VAT rate on electricity from May 1, 2026 to March 31, 2027, to 5% for all household consumers.
2. We are reducing the excise tax on motor fuels for the months of April to June 2026, by 8,33 cents per liter.
3. Zero VAT rate on meat, poultry and fish from April 1, 2026 until September 30, 2026. These products are added to those already at zero VAT rate, fruits and vegetables.
4. Decision not to impose the Green Tax on fuel, which would increase the cost of fuel by 9 cents per liter.
5. Subsidy of 30% of the wages of employees in the hotel industry, for units and tourist accommodations that will be in operation for the entire period from April 1 to April 30, 2026.
6. Plan for further support for airlines to ensure the seamless connection of our country with important tourist attraction destinations.
7. Subsidy scheme for farmers to purchase fertilizers, covering 15% of the cost, for the months of April and May.
8. Subsidy scheme for farmers for agricultural supplies, covering 15% of the purchase cost, for the months of April and May.
The total cost of the measures we are announcing today, together with the existing measures that are still in force, exceeds 200 million euros. These are fully costed measures and within the budget surpluses.
Ladies and Gentlemen,
With commitment to the principles espoused by Social Liberalism, the ideological and political framework within which our government operates, economic progress has no real meaning if it does not translate into Security and Prospects for every citizen.
We stand by every household and every business, with actions and projects.
In this context, the functioning of the Market is systematically monitored. I want to be categorical. Any phenomena of profiteering will not be tolerated. Strict instructions have already been given to intensify controls in order to ensure consumer protection in practice.
Ladies and gentlemen,
Prudent fiscal policy is not a theoretical approach.
It is a Shield of Protection for society that also creates the fiscal capacity to intervene when necessary.
And it is precisely this responsible management that allows us today to announce new measures, without jeopardizing the stability of the economy.
With a Plan, with Responsibility and with Consistency, we continue to stand by society, Ensuring stability, Strengthening the resilience of society and Safeguarding the future of our homeland and our citizens.
