The Government
has given the green light to the rescue of the airline Air Europa
for a total of 475 million euros, as announced on Tuesday by the Minister Spokesperson, María Jesús Montero, in the round after the Council of Ministers.
The rescue will be carried out through the rescue fund for strategic companies in distress managed by Sepi.
Air Europa requested this loan in September, given the delicate financial situation it is experiencing as a result of the fall in traffic resulting from the pandemic.
Montero explained that
this aid will be channeled through two loans and Air Europa will have six years to repay them.
As he recalled, this fund "only aims to offer temporary support to non-financial companies that are damaged by the pandemic."
Strategic company
In the case of Air Europa, "the impact of the pandemic is due to the reduction in air traffic due to less mobility and less tourist arrivals," said Montero, who has calculated the fall in activity in terms of flights from April to July at 95%.
The minister recalled that
Air Europa is the second Spanish airline with the most international flights,
reaching 130 airports in 60 countries.
This "reveals the dimension of the weight" that it has, according to Montero.
The Government thus justifies why it gives this aid to the airline.
Montero also highlighted that it is "an important operator of the Madrid-Barajas hub" and
highlighted its contribution to connectivity with the Canary and Balearic Islands and with Latin America.
Air Europa accounts for 18% of the global revenue figure for all airlines in Spain and provides "an essential service to guarantee the integrity of Spain, which gives it a strategic character", the minister insisted.
It is the first Spanish company to receive state aid.
France, Germany or the Netherlands have already injected millions of dollars in aid months ago to their flagship airlines, the reference ones.
Air Europa has presented the viability plan, which has the approval of the fund's management council.
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