By Alexander Apostolides on July 22, 2011

Another Estimate By Credit Suisse: 2.4 billion.

Credit Suisse has reached similar results to my First and Second Estimate. I am glad that there is now a lively discussions on costs and their effects.

I base the similarity from this report on stockwatch, which indicates the only substantial difference is the 600 million which will be recovered by the insurance has been factored in. I am still not sure if the insurance will pay up and thus barring any confirmation I left it out.

It is slightly sad to see that they do not reveal their sources, but for a private institution it is perhaps understandable. Once again I would urge economists and other professionals to crowd source and get both estimates policy implications collaboratively. If you are interested replay to this in the comment box.

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  1. Thanks for your work and for stimulating this debate.

    Your biggest single assumption is loss of working hours. Given that much of the economy is service-based, battery-powered equipment such as laptops and mobiles can work through the power cuts and workers in the private sector may show flexibility in working hours, is there a case for a more optimistic outturn? (I'm not in Cyprus, so this is genuinely a question, not a firm opinion.)

    I also wonder whether you should mention the likelihood of receiving EU funds, or even try to include an estimate.

  2. A great question. Actually the opposite seems to be happening. UPS systems do not last the full cuts and several systems are affected due to the frequent loss of power. Most large firms with integrated phone and internet systems loose their whole telecommunications capability.

    Flexibility has started by the private sector but the power-cuts are still unpredictable! hence any flexibility is futile as no one know when and how long the cuts will take place...