by Nikitas » Mon Jul 05, 2010 12:59 pm
Paphitis asked about the creation of jobs if Famagusta is reopened.
A Cypriot EU deputy who is also an economist, I think his name is Prodromou, calculated that at a minimum the economic benefit to the economy would be 5 billion Euro. I think this is a conservative estimate.
The homes alone would be roughly 15000 by 150 meters by 2000 Euro per meter makes 4,5 billion. To that add the hotels, businesses, all infrastructure like roads, water works, electricity and telephone grids and public buildings and the total seems to be nearer 15 to 20 billion Euro. It is a huge project in terms of injecting money into the economy of the island.
And one more point. It is a project for which the island as a whole is equipped to handle with no external help. There are construction companies in Cyprus that have built cities, ports, airports and big infrastructure projects overseas. Our architects and civil engineers are fully capable of putting together the rebuild.
At a time of international financial crisis Famagusta could pull Cyprus above the crisis. But for that to happen we need brains to work at at least 50 per cent efficiency, and that is missing, both north and south of the dividing line.
