MPs passed on Friday a bill that enables travel businesses to provide vouchers instead of refunds for cancelled bookings to help the tourism sector weather the financial crisis brought about by the Coronavirus outbreak.
In an announcement, the Finance Ministry said that the new regulation covers travel agents, hotels, cruise companies and car rental companies, which can now issue by law vouchers to customers who cancelled their bookings due to the pandemic.
The new law also stipulates government guarantees of €86.6 million which ensure that travellers will be compensated in case the Cypriot businesses issuing the vouchers become insolvent.
