Is there considerable utility for Cyprus being in Schengen? I mean, they are an island and in best case scenarios their Schengen will be like Romania & Bulgaria's Schengen membership until today: Air and Sea only. Which was underwhelming.
imo schengen doesn't matter for Cyprus. On the contrary it will make Cyprus even more attractive to financial refugees who will use it's geographic location as a stepping stone to the rest of EU. That means a lot more cost for the government to house people until their refugee status applications are processed.