TRAVEL: Cobalt closure sees Cyprus air fares rocket

Despite reassurances from government that other airlines would step in to fill the void left by collapsed Cypriot carrier Cobalt air fares have gone skywards.

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It was argued that prices would not go up, as airline’s would offer cheap ‘rescue fares’ to travellers, but the opposite has happened.

After the closure of Cobalt last week, air fares have spiked, and it is virtually impossible to find tickets for popular destinations like Athens for less than EUR 300.

The Cyprus-Greece Business Association is among those protesting the sudden jolt in fares and on Wednesday urged the government to take immediate action to rectify matters.

Iosif Iosif, the president of the association, told the Financial Mirror that members of the association who travel frequently to and from Greece have encountered difficulties not only because of the high prices, but because supply is scarce.

The association is urging the government to take action and provide immediate solutions.

Iosif added that the authorities cannot allow the exploitation of passengers by the airlines — who are invoking a shortage in supply due to the closure of Cobalt.

Acknowledging that there is a serious problem with supply, Iosif said that the Cyprus government should ask airlines to increase flights to and from Greece so as to increase supply which will hold prices down.

Iosif said that the airlines themselves should have added more flights in order to close the gap created by the closure of Cobalt.

“Furthermore, Hermes Airport has the responsibility to locate and bring new air carriers to the island. Unfortunately, we do not have any information on actions taken by the island’s airports’ operator regarding the matter,” Iosif said.

According to an online investigation carried out by the Financial Mirror, a traveller wanting to go to Athens on the last weekend of November, could do so with Cobalt for only EUR 126 return.

The cheapest available air fare for travellers wanting to book a return trip to Athens costs EUR 250, while ticket prices during the current week, in some cases, exceed EUR 400.