Until the early 20th century, Santorini benefited from a thriving maritime trade and possessed one of the largest merchant fleets in the Aegean. The main exports of that time were the famous Santorinian wine, tomatoes and textiles (especially cotton). However, with the invention of steam ships came the partial decline of the existing shipping industry.

After the outbreak of the Second World War in 1939, Greece initially remained neutral, but pressure from the Italian fascist regime increased. Over time, German and Italian troops occupied the island of Santorini and remained there until the end of the occupation in October 1944. In the villages of Pyrgos and Karterados there are memorial plaques to remember those who died during the Second World War.

The 1956 earthquake and subsequent volcanic eruption were an economic and social disaster for the island of Santorini. The earthquake severely damaged the island's infrastructure, most buildings were destroyed and there was also a significant decline in the local population (many people lost their lives and others moved away afterwards). Unfortunately, the island also suffered irreparable losses in the area of historical monuments, with the vast majority of buildings in the beautiful town of Fira destroyed and the town of Oia even flattened and had to be rebuilt. This disaster brought the island of Santorini back to the days of poverty and hardship.

It was not until the 1970s that the island began to revive again, when its attention turned to the burgeoning tourism industry, which today accounts for the largest part of the island's economy. Another important sector remains wine production, which, thanks to the fertile volcanic soil, had previously thrived here and which was modernised after 1956.

Today, the Greek island of Santorini is one of the most popular tourist destinations worldwide. Thousands of tourists head here every year to see for themselves the uniqueness of this volcanic island, including the formed caldera, volcanic beaches and breathtaking sunsets. Santorini is also a popular location for wedding ceremonies and honeymoons.