The European Commission has agreed to a Greek aid measure of €6.8 million to support Ellinair, as it complies with the European State aid rules.
This measure aims to compensate the airline for the damage created by the pandemic from March 18 to June 30 2021, due to Covid-19 and travel restrictions imposed by Greece and other countries to limit the spread of the virus.
As a result, the airline experienced a sharp drop in traffic and profitability. The aid will take the form of a direct grant.
The Commission has assessed the measure in accordance with Article 107 (2) (b) of the Treaty on the Functioning of the European Union (TFEU), which allows the Commission to approve State aid measures granted by Member States to compensate specific companies or sectors for damage caused directly by exceptional occurences, with Covid-19 beoing recognized as such.
The Commission found that the Greek measure would compensate for damage directly linked to Covid-19 pandemic. At the same time, it found that the measure is proportionate, as the compensation does not exceed what is necessary to repair the damage. The Commission therefore concluded that the compensation measure complied with EU State aid rules.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
New 11-Month High for Greece with 35M Tourist Arrivals in 2024
Inbound travelers to Greece boosted tourism-related revenues to 21.27 billion euros in the Jan.-Nov. 2024 period.
ECOFIN Approves Revisions to Greece’s Recovery Plan
Greek Finance Minister Kostis Hatzidakis said the decision will kickstart recovery fund absorption set to reach 64%.
Trends Shifting Among Foreigners Buying Holiday Houses in Greece
The primary reason for the shift in the trend is the saturation of popular destinations and the potential buyers’ desire for more privacy
Greek Public Debt at €370.865bln at End of Q3 2024: ELSTAT
It was slightly down from €371.483bln in Q3 2023, according to the quarterly non-financial accounts of the General Government
WEF Report Says 70% Greek Workers Need Retraining by 2030
The report, entitled “The Future of Jobs 2025”, says that a global shift in the workplace will result in the loss of 92 million jobs
National Bank of Greece Finances First Energy Storage Project in Country
The total financing for the project amounts to €41.9 million
Energy Giant Chevron Expresses Interest in Drilling in Greece
In line with this effort, the Hellenic Hydrocarbon Resources Management and Energy Resources Company (HEREMA) is submitting the Strategic Environmental Impact Study today
UBS ‘Bullish’ on Greek Banks
UBS highlights the positive trends in loans and savings and the financing cost, stressing corporate credit expansion acts as the driving force for the banking sector’s profit margins
Cost of Banking in Greece Drops from Monday
The measure aims to lower the cost of doing business and everyday transactions in Greece, with an estimated annual cost to banks of approximately €150 million.
Greek Tax Bureau Chief Details Efforts to Curb Evasion; Digitalize Administration
Independent revenue authority (AADE) Gov. George Pitsilis addresses OECD summit, cites reduction in lost VAT remittances from almost 30% in 2017 to 13.7% by 2022
