On a more general note, the insects of Cyprus are very underresearched. A couple of groups have been taxonomically studied, but the bulk of the fauna remains unexplored. Even without the specific research question, any systematic sampling is sure to collect species new to science and a wealth of new ecological data.
I will look for evidence for heavy metal bioaccumulation up a food web, leading to faster mutation rates and, eventually, to speciation. In addition, my sampling may find unique, newly documented plant-insect relations as well as new species.
I am interested in identifying the indigenous Cypriot insects—the ones that migrated here before humans came and destroyed the island's forests and spread synanthropic invaders. I eventually hope to be able to directly compare the endemic fauna of Cyprus with those of the Middle East, Northeast Africa and Turkey, in order to identify the sister species most closely related to the Cypriot species (and which hence share a last common ancestor), or even more spectacularly, identify the parent species from which the Cypriot endemics evolved from (if it hasn't gone extinct).
What your money can do
I live in Nicosia, the capital in the center of the island. The fuel cost for traveling to the sampling sites multiple times will be paid for by your money; my car is very economical, so this will be a negligible part of the budget. The chemical analyses will be paid for by your money; most will be done by me in a university lab, but some will need the work of a professional chemist. While my collecting ethics demand that I only collect the bare minimum needed for research, a large amount of insects samples will nonetheless be generated in this research. These will have to be preserved in alcohol, or pinned, or on microscope slides. The materials necessary—from vials, to preservatives, to pins, to wood for insect boxes—will be bought from your money.
The rest of the money will be spent on equipment and supplies for traps and sampling. It's an embarrassing fact that I do my active sampling with a swimming pool net. The money will be used to buy textile suitable for a proper net; a UV lamp and a car battery to operate it on will be bought to enable night-time sampling; mesh and supports for a Malaise trap; chemicals suitable to use as baits.
Excess money will be used to upgrade my photographic and stereoscope equipment. Potential purchases include a tripod; a macro lens to replace the extension tubes I currently use; a digital camera adapter for a stereoscope, to allow very high quality close-ups; a camera lucida for a stereoscope to help with drawing. Notice that the latter three are general purchases, and they will benefit my other projects. In effect, your money will be supporting all my entomological research.