Η European Commission has approved, under EU state aid rules, an €800 million Greek programme to support businesses in the tourism sector affected by the tourism boom coronavirus. The scheme was approved under the Temporary State Aid Framework, according to a notice published by Commission.
The Executive Vice President, Margaret Vestager, responsible for Competition Policy, noted that «this €800 million Greek scheme will facilitate access to liquidity for businesses operating in the tourism sector. These businesses have been severely affected by the pandemic and this scheme will help them to continue their economic activity in these difficult times.».
«We will continue to work closely with Member States to find feasible solutions to mitigate the economic impact of the coronavirus outbreak in line with EU rules,» she added.
Greece has notified to the Commission, under the Temporary Framework for State aid, an €800 million scheme to provide support to businesses in the tourism sector affected by the coronavirus pandemic. The scheme is co-financed by the European Regional Development Fund (ERDF) and will be open to businesses of any size that experienced a decrease in turnover of more than 30% in 2020, compared to 2019. The aid will take the form of direct grants, with a maximum amount per grant corresponding to up to 5% of the beneficiary's annual turnover or EUR 400 000 per undertaking, whichever is the lower.
The purpose of the scheme is to provide beneficiaries with the working capital they need to acquire the raw materials necessary for their activities. The Commission has found that the scheme notified by Greece fulfils the conditions set out in the Temporary Framework. In particular, the aid (a) will not exceed EUR 1.8 million per beneficiary and (b) will be granted no later than 31 December 2021.
