As geopolitical tensions in the Middle East rise sharply, Greece faces growing economic exposure – particularly in key sectors such as tourism, shipping, trade, and energy – according to Piraeus Chamber of Commerce and Industry (PCCI) President Vassilis Korkidis.
In light of the recent military escalation between Israel and Iran, Korkidis warns of a “wave of uncertainty” that could directly impact Greece’s economic outlook, especially as the critical summer tourism season approaches.
“Greece risks being perceived as part of a broader zone of instability,” he said in an announcement, noting that reputational damage alone could lead to cancelled cruise itineraries, increased travel insurance premiums, and reduced bookings – particularly in islands and regions near the Eastern Mediterranean.
Losses for the tourism sector could reach 600–800 million euros, with arrivals potentially down 10 to 15 percent and annual revenue dropping by up to 6 percent, if tensions persist into peak travel months. Meanwhile, the shipping industry – a cornerstone of the Greek economy – is on high alert. Korkidis highlights that a conflict spreading through the Red Sea or Strait of Hormuz could reroute vessels onto longer, costlier paths. The financial fallout may include up to 500 million euros in added operating costs and a projected 1 percent drop in revenue for Greek-owned fleets.
Energy and trade are also under strain, according to Korkidis.
A 20 percent rise in oil and gas prices could add 1 billion euros to Greece’s import bill. In parallel, rising logistics costs and delays in maritime supply chains could reduce trade turnover by 200 to 300 million euros. Consumer prices are expected to climb as a result, feeding inflationary pressures.
If the crisis endures into the next quarter, Korkidis estimates the total cost to the Greek economy could reach 2.1 to 2.6 billion euros, shaving as much as 1 percent off GDP.
Speaking to Greece’s public broadcaster ERT, Korkidis stressed the need for strategic calm.
