To cushion the devastating economic effects of the coronavirus pandemic, Cyprus has announced a massive support package worth €150 million.

The package, which was announced by Labor Minister Zeta Emilianidou and Finance Minister Constantinos Petrides, will be offering over €3 billion to support businesses and workers for the next 4 months.

The numbers of beneficiaries for the plans are slated to reach at least 50,000.

The biggest plan in the package is made for hotels and tourism-related establishments, and other entities that have been subjected to mandatory suspension of operations. There are other schemes as well, however – ones those unemployed professionals, as well as businesses which have lost at least 40% of their annual turnover.

The monthly cost for the plans is slated to be between €35 to €40 million. This, is not, however, a strict figure, as the turnover depends on the actual amount of reduction.