The European Commission (EC) announced on April 15 that it approved a Romanian scheme worth EUR 500 million (approximately RON 2.4 bln) to support companies operating in the field of tourism, accommodation, and food services, as well as travel agencies, in the context of the coronavirus epidemic.

The EC approved the measure under the Temporary Framework on State Aid.

Public support, in the form of direct subsidies, will cover up to 20% of the loss of revenue (or, in the case of certain travel agencies applying a special scheme, the volume of invoices issued for tourist services, including the margin) registered between January 1 and December 21, 2020, compared to the same period of 2019.

The support will not exceed EUR 1.8 million per beneficiary, as provided for in the temporary framework, and the aid will be granted no later than December 31, 2021.

"The Commission has concluded that the measure is necessary, appropriate, and proportionate to remedy a serious disturbance in the economy of a Member State, in accordance with the Treaty of Functioning of the European Union (TFEU) and the conditions of the temporary framework. On this basis, the Commission has approved the measure under EU state aid rules," the EC said.

andrei@romania-insider.com

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