EU greenlights € 815 million for covid Greek economy support

The European Commission has approved the Greek program of 815 million euros to support the economy in the context of the coronavirus pandemic.

The scheme was approved under the Provisional Framework for State Aid. Under the scheme, state support will be provided in the form of direct grants. The measure will target companies active in all sectors, including agriculture. Its purpose is to meet the liquidity needs of the beneficiaries and help them to continue their activities during and after the pandemic.

Up to 2.3 million euros per company

The Commission found that the Greek regime complied with the conditions set by the provisional framework. In particular, the aid:

i. shall not exceed EUR 290,000 per company engaged in the primary production of agricultural products, EUR 345 000 per company active in the fisheries and aquaculture sector and EUR 2.3 million per company active in all other sectors; and

ii. will be granted no later than June 30, 2022.

The Commission has concluded that the measure is necessary, appropriate and proportionate in order to remedy a serious disturbance in the economy of a Member State, in accordance with Article 107 (3) (b) TFEU and the conditions laid down in the provisional framework.

On this basis, the Commission approved the scheme under EU State Aid Rules. More information on the Interim Framework and other measures taken by the Commission to address the economic impact of the coronavirus pandemic is available here. The non-confidential version of the decision will be published under case number SA.102304 in the State Aid Register on the Competition Commission’s website once any confidentiality issues have been resolved.