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Economy

EU Approves €800M for the Support of Greek Tourism

BRUSSELS — The European Commission on Tuesday approved, under EU State aid rules, an 800 million euros Greek scheme to support companies active in tourism affected by the coronavirus outbreak. The scheme was approved under the State aid temporary framework.

Executive Vice-President Margrethe Vestager, in charge of competition policy, said: "This 800 million euros Greek scheme will facilitate access to liquidity for companies active in the tourism sector. They have been hit hard by the pandemic and this scheme will help ensure the continuity of their economic activity in these difficult times. We continue to work in close cooperation with Member States to find workable solutions to mitigate the economic impact of the coronavirus outbreak, in line with EU rules”.

Greece notified to the Commission a 800 million scheme that will provide support to companies active in the tourism sector, affected by the coronavirus outbreak. The scheme is co-financed by the European Regional Development Fund (ERDF) and will be open to companies of all sizes that experienced a turnover decline of more than 30% in 2020, compared to 2019. The aid will take the form of direct grants, with a maximum amount for each grant of either up to 5% of the beneficiary's annual turnover or 400,000 euros per company, whichever the lowest. The aim of the scheme is to provide beneficiaries with working capital needed for acquiring raw materials necessary for their activities.

The Commission found that the scheme notified by Greece is in line with the conditions set out in the temporary framework. In particular, the aid will not exceed 1.8 million euros per beneficiary, and will be granted no later than 31 December 2021. The Commission concluded that the measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the temporary framework

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