In early 1993, with the initiative of Mr. Petros M. Nomikos, the non-profit organization Idryma Theras - Petros M. Nomikos (Thera Foundation - Petros M. Nomikos) was incorporated in Greece. In line with the work already carried out by its sister foundation, Idryma Theras - Petros M. Nomikos has promoted every type of cultural, artistic, social and other event concerning Thera and the Aegean in general, through a series of diverse activities. In pursuit of its goals, the Idryma Theras - Petros M. Nomikos first and foremost publishes books and other material concerning the development and cultural heritage of Thera. The Foundation also organizes conferences, seminars, exhibitions and concerts , and collaborates with the corresponding foundations abroad, as well as with other Greek or international organizations and institutions.

Within the framework of support for the excavation of prehistoric Thera at Akrotiri, financial aid has been given to the work of preservation of the wall paintings. Two scholarships have also been granted to Russian archaeologists for studies concerning Aegean civilization, while a Greek archaeologist was partially sponsored by the Foundation for completing a post-doctorate degree on the wall paintings. To date, numerous events have been organized by and carried out under the aegis of Idryma Theras - Petros M. Nomikos. Among them were scientific seminars and congresses on both the civilization and geological and physical phenomena of Thera, Greek and international medical congresses, working parties of public bodies and research programmes, and educational programmes for the teachers and pupils of Santorini.

A large number of the Foundation's activities are hosted at the Petros M. Nomikos Conference Centre, created in a restored mansion in Fira, the island's capital, through the efforts and at the expense of the Founder and President. It is a neoclassical building, with a view out over the caldera towards the volcano of Santorini.

Since 1994, on an initiative of the Foundation and in collaboration and cooperation with the schools on Santorini, a series of Educational Programmes centred around the archaeological excavations at Akrotiri, the wall paintings and archaeology in general was organized, along with the loan of both the relevant teaching and museum material. Talks were given and programmes of activities conducted by Dr. Christos Doumas, Professor of Archaeology, the Greek Children's Museum, the Museum of Cycladic Art and the 1st Ephorate of the Acropolis. In April 1996, in order to celebrate the centenary of the revival of the Olympic Games, the Foundation organized an event for the schoolchildren of Santorini, in cooperation with the Greek Children's Museum and the Greek Olympic Committee. This event, as most of the educational programmes conducted with the care of the Foundation, took place at the prototype children's playground "Rodies", donated by Peter and Dolla Nomikos. On the initiative of Idryma Theras - Petros M. Nomikos, the multimedia presentations "Aegean, or as we say Greece" and "Macedonia - the great journey", sponsored by the National Bank of Greece, were presented to pupils of secondary schools of Thera at the Petros M. Nomikos Conference Centre.