The European Commission has approved a Romanian aid scheme, worth EUR 500 million, meant to support the companies operating in the tourism and HoReCa industries, as well as the travel agencies affected by the coronavirus pandemic, Romania’s Representation to the European Commission informed today.
The public support, under direct subsidies, will cover up to 20% of the revenue losses (or, in the case of some travel agencies that have a special regime, the volume of the invoices issued for tourist services, including the margin) that the beneficiary reported during January 1-December 21, 2020, compared to the same period in 2019.
The measure, approved based on the temporary framework on state aids, aims to help the beneficiaries to cover their needs of cash and to continue their activities during and after the pandemic. The EC has determined that the Romanian aid scheme is compliant with the requirements stipulated within the temporary framework.
The aid will be granted on certain conditions:
- the grant will not exceed EUR 1.8 million per beneficiary
- the aid will be granted on December 31, 2021, at the latest.