- TOURISMA AE lost state subsidy for the Grecotel Mykonos Blu project
- Original plan (2007) worth €2.9m, with €877,760 public funding
- €170,500 had already been paid as an advance
- Ministry revoked the grant due to missed deadlines and incomplete project
Back in 2007, TOURISMA AE — better known under the sleek Grecotel Mykonos Blu brand — secured a generous public subsidy for a five-star modernization project in Platis Gialos. The deal looked golden: an investment of €2,925,870 with the state chipping in €877,760. Even a nice advance of €170,500 was already pocketed.
Fast-forward almost two decades, and the Ministry of Development has slammed the brakes. According to the official decision (FEK ADA: 680246ΝΛΞΞ-Ρ7Ν), the project was never completed within the deadlines set by law. Result: the funding has been revoked.
State Patience Runs Out
The revocation is part of the ministry’s broader audit of development law subsidies. The rules are clear: no finished project, no public money. TOURISMA AE joins the growing list of companies reminded that a state grant is not a lifetime voucher.
For Mykonos, the land of endless champagne sprays and €50 sunbeds, it is a rare case of the party ending early — at least for one luxury hotel project.