Prime Minister Kyriakos Mitsotakis announced to Bloomberg that Greece will start imposing restrictions on cruise ships visiting the country’s most popular islands. This initiative represents the government’s first step in tackling the challenges of “over-tourism” in the post-pandemic era.
Tourism represents about a quarter of Greece’s economic output, with record-breaking tourist visits and spending observed in the aftermath of COVID-19. In 2023, Greece welcomed 32.7 million tourists, an 18% increase from the previous year, while early 2024 saw a nearly 25% rise. Bloomberg reports that cruise tourism generated 847.4 million euros in revenue last year, more than double that of 2022.
Although the prime minister’s decision may unsettle the industry, the impact on mass tourism is expected to be minimal, as ships will continue visiting most islands, including those with ports near Athens in Piraeus. Mitsotakis’ remarks also prompt reflection on whether the economic benefits of large cruise ships outweigh their environmental footprint.
Furthermore, Mitsotakis specifically noted pressure on Greece’s popular destinations, such as Santorini in the Cyclades. Known for its striking volcanic terrain and stunning sunsets, Santorini hosted 800 cruise ships last year, bringing nearly 1.3 million visitors—an increase of almost 17% from 2022, while the island is home to approximately 15,000 permanent residents.
While Greece faces these challenges, it joins other Mediterranean countries in addressing the consequences of high tourist demand. Italy, for instance, banned large cruise ships from Venice’s central canal in 2021 due to damage caused by excessive tourism.
Source: tovima.com
Latest News
PPC to Issue 500mln-Euro Bond
The yields from the offering called “Offering” will be used to finance ongoing capital expenditure projects by the country’s largest electric power company
Morgan Stanley Sees Resilient Growth for Greek Banks Amid Rate Cuts
Greek banks, it notes, are focused on mitigating the impact through strategic efforts like loan growth, increased fee income, and lower-than-anticipated deposit betas for 2026.
BoG: More Arrivals, Less Travel Remittances in Aug. 2024
More arrivals, but less revenues is the verdict by the Bank of Greece (BoG) for this past August in terms of travel remittances from the all-important tourism sector in the country.
Erdogan’s Longtime Rival, Fethullah Gülen, Has Died
Turkish President Recep Tayyip Erdogan blamed the US-based cleric Muhammed Fethullah Gülen for the 2016 attempted coup against the leader.
Surging Gold Sees High Sovereign Liquidation Rate in Greece
Bank of Greece (BoG) reports nearly 36,000 buy back transactions this year up until the end of September in the country
Heating Oil Prices in Greece Range from €1.16 to €1.39 per Liter
In Athens, the average price of heating oil, which became available to the public as of Oct. 15, stands at 1.67 euros per liter, while in Thessaloniki, it is a little higher at 1.77 euros per liter
Homeownership Increasingly Unattainable for Young Greeks
Compared to two decades ago, the difficulty of finding housing has risen dramatically, with homeownership rates in Greece plummeting since 2005
S&P Delays Greek Economy’s Credit Review, Keeps Rating at BBB-
Moody’s took a “stricter” stance compared to the other agencies when in Sept. of 2023 it refused to grant Greece the investment grade
The History of Greece’s Tallest Buildings
By the end of 2025, the rejuvenated Hilton Athens—now rebranded as "The Ilisian"—will begin a new chapter as an innovative multi-use complex, featuring the Conrad and Waldorf Astoria brands of hotels and residences.
Alonissos Top Pick for Popular French Website
The list also includes Chios, Kythira, Ithaca, Kea, and Patmos