Aviation & tourism industry during Covid-19: the Impact on Cyprus island

Abstract

This essay was written for the University of Cyprus' Master of Business and Economics program. The following essay will focus on the Covid-19 pandemic and how it affected a sizable portion of Cyprus's economy, particularly the aviation sector. Along with that, the aviation industry has an impact on other significant industries, such as tourism, which is a fundamental subject in Cyprus. Due to its fiscal advantages, Cyprus is regarded as a nation that draws millions of tourists annually. The Covid-19 pandemic has had an extensive impact on the world's aviation industry, resulting in a record-breaking decline in demand for air travel and substantial financial losses for airlines all over the world. This thesis aims into how the global epidemic altered the aviation sector and how that affected tourism, which is one of the major sources of income for the island. What matters most in this situation is how the airlines approached the issue that resulted. The research identifies the causes of a sharp decline in passenger traffic, revenue, and profitability. The Covid-19 pandemic's effects on the aviation and tourism sectors are thoroughly examined in this thesis, which also offers insights into possibilities as well as challenges.