The European Commission has approved a €55 million scheme to support Irish tourism companies.
As reported by The Irish Times, under the scheme, measures can be adopted to support companies that are active in either the tourism sector or directly related sectors that suffer turnover reduction as a result of the COVID-19 pandemic and related measures to curb the spread of the virus.
The aim of the scheme is to help beneficiaries deal with liquidity shortages so that they can continue to operate during and after the pandemic.
The support will not exceed €1.8 million per eligible company, and it will be granted by December 31 of this year at the latest.
"Necessary, Appropriate And Proportionate"
The Irish Times quotes the European Commission as saying that the scheme is "necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a member state", and the commission approved the scheme under EU state aid rules on that basis.
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