The sea urchin population might not recover without increasing the fish that prey on Jonah crabs.
Opponents of the proposed storage facility for imported fuel fear it will instead be used for exports.
Financial institutions in the country have been shut since March 16 as Cyprus and its international lenders struggled to agree on a plan to raise funds so the island could qualify for a bailout package.
The industry says the exemption, which reduces state revenue, has helped grow businesses and jobs.
Environmentalists oppose a bill that would exempt 'working waterfronts' from a state law.