Cyprus drought water bank

Abstract

Water banking is a proven water management strategy that facilitates the voluntary temporary reallocation of water from willing sellers to willing buyers. In exchange for compensation, farmers (sellers) may choose to allow their irrigation water to be reallocated to cities, towns, industries, and tourist hotels (buyers) that are in need. We have studied the application of water banking concepts to the water management of the island of Cyprus. The Republic of Cyprus is currently facing significant water scarcity problems. Water banking is a new idea in the area. We propose that an emergency drought water bank encourages farmers to become part of the solution to the water problems on the island. The Cypriot government is currently turning to desalination of seawater to meet its water supply needs. This process offers a reliable but very expensive source of water. The water from the most recent desalination contract will cost the government more than CY£ 61 million in total over the next ten years, assuming that the price of oil does not rise. In order to minimize the cost of water resources development, we propose forward-thinking policies such as water banking to reduce the need for additional desalination plants. This thesis details the goals, structure, and operational strategy for a water bank in Cyprus. We recommend that the Government seriously consider the immediate application of water banking. A small-scale pilot project in a single irrigation district would allow the concept to be validated in the field. Water banking holds great promise as a means of helping to provide Cyprus with the water it needs for continued growth and prosperity.