It was fairly clear months ago that there would be depositor losses. The small amount of capital flight was surprising.
1) 18 months ago, banks in Cyprus passed EU bank stress tests.
2) The EU has a deposit guarantee.
3) The new Prime Minister was elected because he promised deposits would never be touched.
4) Other countries received bail-outs without affecting deposit holders.
Given the above, I think it would be quite reasonable for an ordinary Cypriot to put faith in the EU and their elected government, and just get on with their lives.