The Cypriot government announced the suspension of Cyprus Airways after the EU said it had to return over 100 million euros in illegal state funding received in 2012. Cypriot Finance Minister Harris Georgiades said the decision revokes the flight license of the airline.

“The last employees will receive all the salaries they are entitled to and the government will cover the deficit of the carrier’s insurance fund,” said Mr. Georgiades.

As a result of the decision, the remaining Cyprus Airways flights will be carried out by other providers. Mr. Georgiades also said that Cyprus is considering launching a new airline with the same name and logo.