Flash storage: Limited read cycles?

Activating the read lines in a Flash module can result in lowering the number of electrons stored in a cell.
But the answer is much more complex.
The stored charge will leak away with time/temperature, so a cell with few electrons (perhaps only 100 or so) will eventually lose electrons and be sensed as a zero when it should be a one. To alleviate this different controllers will alter the read voltage threshold and/or read/error correct - erase and refresh the data. Flash memory may be single or MLC, and in the case of MLC the leakage problem and read disturb is accentuated.

This paper is a good explanation of the complexity involved.

No, reading does not wear out flash memory. Look at any flash memory datasheet. It is erasing and writing that damage the oxide insulation between the gates and the FET bodies. Reading does not.