European Union: Commission grants Italian State Funding regime due to coronavirus
The European Commission (EC) approved the 15.6 million euro (US$16.3 million) Italian state aid package to support the tourism sector as a result of the coronavirus epidemic. The plan was given the green light under the State Aid Temporary Framework.
Italian State Aid regime includes the following measures:
- Provide restricted financial support not exceeding EUR 2.3 million per recipient;
- Give financial assistance for uncovered fixed expenses of up to EUR 12 million per business;
- Emphasis that the assistance is only accessible to businesses that had a 50% drop in income in Q2 2021 compared to Q2 2019.
The EC determined that the system was consistent with the Treaty on the Functioning of the European Union (TFEU) and the requirements outlined in the EU State Aid Temporary Framework, which was last updated on November 18, 2021.
Source: ec.europa.eu
