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Greek News

EC approves €800 million for support of the Greek tourism sector

The European Commission approved €800 million of the Greek program, based on the EU rules for state aid, for the support of companies active in the tourism sector and are affected by the outbreak of the coronavirus.

The scheme is co-financed by the European Regional Development Fund (ERDF) and will be open to companies of all sizes that saw a turnover reduction 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 company, whichever is lower. The purpose of the scheme is to provide the beneficiaries with the working capital needed to obtain the raw materials necessary for their businesses.

The Commission ascertained that the plan submitted by Greece met the conditions laid down in the provisional framework. In particular, the aid (a) will not exceed EUR 1.8 million per beneficiary and (b) will be granted by 31 December 2021 at the latest.

The scheme was approved on the basis of the provisional framework for state aid, according to a Commission statement. The European Commission Executive Vice-President Margrethe Vestager, in charge of Competition Policy, noted that “this Greek regime of 800 million euros will facilitate access to liquidity for companies operating in the tourism sector. These companies have been severely affected by the pandemic and this regime will help them to continue their economic activity in these difficult times.”

“We will continue to work closely with the Member States to find workable solutions to mitigate the economic impact of the coronavirus outbreak in line with EU rules,” Vestager added.

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