Despite its temporary economic recovery as a result of the systematic employment of the people with fishing and sponge fishing, Hydra during the 20^th Century fell into economic decline. The temporary economic ‘high’ generated by sponge fishing declined due to restrictions on financial assistance from the Greek Agricultural Bank at the sponge fishing enterprises.

The last chance of development and revival of Hydrian society arose in the 1950’s when several artists and film producers discovered Hydra as a location for their movies. This led to the rapid growth of tourism on the island. Today 50 years later Hydra, the island of poets writers and painters, Miller’s Hydra with its constant offering to tourism and culture still remains the jewel of the Argo Sarconic Gulf, a unique phenomenon, a historical and architectural wonder and certainly one of the most famous holiday resorts in Greece.