The European Commission has approved a €698 million program to support Italian travel companies that have been affected by the COVID-19 pandemic.
A statement from the EU Commission highlights that companies operating in the tourism sector have experienced a significant reduction in customers and profits due to the coronavirus outbreak and restrictive measures in place.
The “Italian Scheme” will allow the government to support market participants by helping them with liquidity and ensuring activity. Part of the budget will be allocated through a special fund in the form of direct grants, tax breaks, and loans for travel companies.
Eligible tour operators are eligible for assistance with up to 50 percent of eligible costs. The maximum limit is 100,000 euros per company. As for travel agencies, the tax credit funds will be used to cover part of the costs associated with repairs and digital developments, but not more than 25,000 euros per company.
They promise that assistance will be provided no later than June 30, 2022.