Cyprus: Drought and Cyberattacks Endanger the National Economy
The unrelenting drought in Cyprus is currently viewed as having the most significant risk and severe repercussions for the nation’s economy, according to a survey involving 50 high-ranking members of the economic sector. This assessment has been confirmed by a comprehensive study conducted by the Council for Economy and Competitiveness.
In addition to the threat posed by prolonged dry conditions, the study also underlined the growing risks of cyberattacks, the adverse effects of climate change, and the challenges associated with implementing digital transformation. These factors present a multifaceted threat landscape that Cyprus must address urgently.
During a detailed presentation of the survey results, members of the Economic Council, including its president, emphasized the implications of water scarcity. This shortage is expected to have far-reaching effects, impacting not only the nation’s agricultural productivity but also the tourism sector and the essential issue of the country’s capacity for self-sufficiency in basic goods.
The survey, conducted towards the end of last year, evaluated eighteen different aspects that could potentially threaten economic stability. These included geopolitical tensions in the Eastern Mediterranean, the potential for conflict with neighboring Turkey, as well as ongoing concerns about corruption and inflation.
In an effort to tackle these pressing issues, a virtual meeting of the MED9 countries was convened in December. The focus of this meeting was “Extreme Weather Phenomena in the Context of Climate Change,” with attendance from high-level representatives such as Directors General, Permanent Secretaries, and Directors from relevant ministries.
The discussions centered around the severe impacts of the climate crisis, particularly the increase in extreme weather events. The urgent need for adaptation strategies was a key theme, highlighting the profound effects on communities and the environment throughout the Mediterranean region.
This collective acknowledgment of the urgent need to respond to both environmental and technological threats is crucial. Cyprus, like many other countries, must bolster its resilience strategies to safeguard its economy and society against these interlinked challenges. Addressing such issues comprehensively will be vital for ensuring economic stability and security in the years to come.
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