Good luck to the lads and lasses now seeking new employment; not too many airlines to choose from in Cyprus. And I am sorry for the people in the hotel/holiday industry there too. This is damaging.
Indeed best of luck to all now trying to seek employment in the airline industry in Cyprus. As for the hospitality industry I don't know if they'll suffer too severely. There are enough charters flying in there year round and indeed isn't M'OL starting flights to LCA from Charleroi and Girona ... already. Maybe he had a bit of foresight and this could be like what's going on in Malta. Will the Cypriot gov be in a situation like the Maltese gov where it's either invest money in (read 'prop up') an ailing airline or invest it in marketing of tourism for their country? I would imagine that tourism is the bigger contributor to the state exchequer in both cases.
Indeed if landing and passenger handling charges were lowered in LCA you might even see more airlines flying in there.