The European Union will allocate 698 million euros to Italian travel companies by the end of June

The European Union will allocate 698 million euros to Italian travel companies by the end of June

A statement from the EU Commission emphasizes that companies operating in the tourism sector have experienced a significant reduction in customers and profits due to the outbreak of the coronavirus and the 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 credits for travel companies. 

Eligible tour operators are eligible to receive assistance up to 50 percent of eligible costs. Maximum limit — 100 000 euros per company. As for travel agencies, the funds in the form of a tax credit 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 30 June 2022.

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