The country's Ministry of Foreign Affairs has tweeted “It's over” and says the hijacker has been arrested.
Cyprus's state broadcaster claims he surrendered to authorities and emerged from the aircraft with his hands in the air.
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The flight – with more than 60 people on board – was hijacked by a passenger with a suicide belt before 7.30 this morning.
The aircraft had been on a domestic flight before diverting to Cyprus, where it made an emergency landing in Larnaca.
Most passengers were subsequently released expect for crew and a number of foreign nationals.
Terrorism was subsequently ruled out by authorities who stated “It appears to be a person who is unstable, in an unstable psychological state and the issue is being handled accordingly”.
