Agriculture is highly dependent on climate change, and Cyprus especially is experiencing its impacts on agricultural production to a greater extent, mainly due to its geographical location. The adaptation of farming to the effects of global climate change may lead to the maximization of agricultural production, which is an important and desirable improvement. The main aim of this paper is to rank and quantify the impacts of climate change on the agricultural sector of Cyprus, through a multi-round Delphi survey seeking a consensus agreement in a group of experts. A multidisciplinary group of 20 experts stated their willingness-to-pay for various impacts of climate change. By applying this method, the individual impacts of climate change on crop production and water resources were brought into the modeling effort on equal footing with cost values. The final cost impact estimate represents the total estimated cost of climate change in the agricultural sector. According to the results, this cost reaches EUR 25.08 million annually for the agricultural sector, and EUR 366.48 million for the whole country. Therefore, it is expected that in the seven-year programming period 2014–2020 the total cost of climate change on agriculture ranges from EUR 176 to EUR 2565 million. The most significant impacts are due to the increasing level of CO2 in the atmosphere and the burden of biodiversity and ecosystems.