A PYMNTS Company

EC OKs €300M Austrian Scheme For Event Organizers Affected By Coronavirus

By  |  January 19, 2021

The European Commission has approved, under EU State aid rules, a €300 million (US$364.3 million) Austrian scheme to support organizers of events affected by the coronavirus outbreak. The scheme was approved under the State aid Temporary Framework. Tuesday, January 19’s decision confirms the agreement in principle reached in December 2020.

Executive Vice-President Margrethe Vestager, in charge of competition policy, said, “Event organisers have been hit particularly hard by the coronavirus outbreak and the restrictive measures imposed by the government to limit the spread of the virus. This €300 million aid scheme will enable Austria to provide support to these companies when a planned event is cancelled or can only be organised with restrictions, due to the coronavirus. We will continue working closely with Member States to ensure that national support measures can be put in place in a coordinated and effective way, in line with EU rules.”

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.