Travel organizations can borrow up to 50 million euros per company to pay out vouchers to consumers who saw their holiday go up in smoke.

The European Commission (EC) has given permission for the so-called voucher bank, from which tour operators can lend money, it was announced on Tuesday.

Previously, the validity of the vouchers was extended, because the travel organizations could not cough up the tens of millions in voucher credit.

The vouchers have been issued by travel organizations affiliated with ANVR since March last year when travel had to be canceled due to the corona crisis.

The voucher fund contains 400 million euros.

Tour operators can borrow a maximum of 80 percent of the amount of outstanding vouchers there, up to a maximum of 50 million euros per company.

"The loans may only be used to repay corona vouchers to consumers," emphasizes the EC.

Travel companies started issuing vouchers in mid-March last year, instead of reimbursing money for trips that were canceled due to the coronavirus outbreak.

Then the thought was that the vouchers could be redeemed for travel during the year.

But the virus outbreak continued there for a longer period of time.