The European Court of Human Rights said the passage of time did not erase Turkey's responsibility in the case, ruling that the country must pay £24million to relatives of those missing in the operations.
It also ordered Turkey to pay £50million for 'the enclaved Greek-Cypriot residents of the Karpas peninsula' - the northernmost tip of the Turkish Cypriot part of the island where hundreds of Greek Cypriots still live.
Cyprus has been divided since Turkey invaded after a coup by supporters of union with Greece.
Only Turkey recognizes the breakaway Turkish Cypriot state that was proclaimed in the north of the island.
The European Court of Human Rights' judgement - which is the largest is has ever made - comes as the Turkish and Greek communities in Cyprus make new efforts to reunite the island.
The court said it would be up to the government of Cyprus to determine how to award the damages.
Turkey has not always complied with the European Court of Human Rights' demands in the past.
In a 1998 ruling, the Strasbourg court ordered the country to pay Titina Loizidou £980,000 in compensation for depriving her of property in the seaside city of Kyrenia.
It was the first case in which a Greek Cypriot successfully sued Turkey over the invasion and earned the right to compensation.
Turkey eventually paid the money in 2003, but is still yet to comply with an earlier European Court decision ordering the country to allow Loizidou to reclaim her property.
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