A PYMNTS Company

EU Allocates Another €698 Million To Support Italian Tourism Scheme

 |  May 12, 2022

The European Commission has announced that it has approved an Italian scheme worth €698 million in order to support companies active in the tourism sector which have been affected by the COVID-19 pandemic.

Through a statement issued on May 11 by the EU Commission, Executive Vice President in charge of competition policy, Margrethe Vestager stressed that companies active in the tourism sector have seen a significant decline in clients and profits due to the Coronavirus outbreak and restrictive measures in force, SchengenVisaInfo.com reports.

“This €698 million Italian scheme will enable Italy to support these companies by helping them meet their liquidity needs and ensuring the continuity of their activities. We continue to work in close cooperation with the Member States to find workable solutions to mitigate the economic impact of the coronavirus pandemic, in line with EU rules,”he also noted.

A portion of this budget will be made available through the Recovery and Resilience Facility.

According to the EU Commission, based on the scheme, the assistance will take the form of direct grants and tax credits for travel companies and loans to travel agencies and tour operators.

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