POST Online Media Lite Edition
 

€350 million Finnish support to compensate Finnair for damages suffered due to coronavirus outbreak

Christian Fernsby ▼ |
The European Commission has found €351.38 million of Finnish support in favour of Finnair to be in line with EU State aid rules.

Article continues below



Topics: FINNAIR   

The measure aims at compensating the airline for the damage suffered due to the coronavirus outbreak between 16 March and 31 December 2020.

Finland notified to the Commission an aid measure to compensate Finnair for damages suffered between 16 March 2020 and 31 December 2020 due to the travel restrictions necessary to limit the spread of the virus:

•In the first compensation period, from 16 March to 30 June 2020, the notified measure will compensate Finnair for the overall loss of income caused by the travel restrictions imposed in Finland, EU and non-EU countries.

•In the second compensation period starting in July, given that many travel restrictions in the EU had already been lifted by then, the notified measure will compensate Finnair for the losses caused by remaining or new travel restrictions affecting specific routes. The support will take the form of a hybrid loan in the amount of €351.38 million.

The Commission found that the Finnish measure will compensate the damages suffered by Finnair that are directly linked to the coronavirus outbreak, since the loss of income of the overall business between 16 March 2020 and 30 June 2020, as well as on the selected routes between 1 July 2020 and 31 December 2020, can be considered as damage directly linked to the exceptional occurrence.

The Commission also found that the measure is proportionate, also beyond June 2020, as the route-by-route quantitative analysis submitted by Finland appropriately identifies the damage attributable to the containment measures, and therefore the compensation does not exceed what is necessary to make good the damage on those routes.

Furthermore, the aid measure includes a claw-back mechanism, whereby any possible public support in excess of the actual damage received by the beneficiary will have to be paid back to the Finnish State. The risk of the State aid exceeding the damage is therefore excluded. ■

What to read next

Audley Capital Advisors of UK to buy Finnish Talvivaara
Finnish consumers now protected against unauthorized installations by Microsoft
Terveystalo completes acquisition of Finnish healthcare operations of Attendo

U.S.: Severe thunderstorms, heavy rain and fire threat

 
An active Spring weather pattern is setting up for large portions of the U.S. heading into the weekend.
 
 

Latest

Baker Hughes: U.S. oil rig count up by 2 to 483
California is now world’s 4th-largest economy
Roche to create 12,000+ new jobs in U.S. over next five years
€612 million Portuguese State aid scheme to support energy-intensive companies

NEWS

Peru court jails ex-President Humala for money laundering

Bosnia risks air traffic shutdown over unpaid debt
Active weather in Eastern U.S.; warm weather and critical fire weather across portions of West
Siemens executive Agustin Escobar, five others killed in Hudson River copter crash
U.S.: Significant severe weather and life threatening flash flooding
More than 300 arrests as African countries clamp down on cyber threats
 

BUSINESS

Domestic tourism spending in Britain falls by £3bn, analysis reveals

IMF approves $20 billion extended arrangement for Argentina
Bangladesh, Japan sign construction deal for Matarbari deep seaport
Submarine cable line with largest capacity in Vietnam begins operation
Rig count stabilizes amid oil price recovery
Lower or same benefits enable faster job change in Germany
 

Trending Now

U.S.: Severe thunderstorms, heavy rain and fire threat

Baker Hughes: U.S. oil rig count up by 2 to 483

Ben Söderling new CEO of Sovellusmestarit Oy and MoveRoll Oy

Namibia seeks swift shift from oil discoveries to production, says president

POLITICS

Norway signs agreement to continue funding for Poland

Namibia seeks swift shift from oil discoveries to production, says president
€400 million Spanish State aid scheme to support renewable hydrogen production
Viking CCS pipeline development granted consent decision
Egypt, France sign 7bln euro deal for green hydrogen complex on Red Sea
Maryland Governor to lead international trade and investment mission to Japan and South Korea
 

Today We Recommend

IMF approves $20 billion extended arrangement for Argentina

Highlights 

Roche to create 12,000+ new jobs in U.S. over next five years

Adani Ports buys Australian coal export terminal for $2.54bn

BRF to invest $160m in Saudi Arabian plant

COMPANIES

Adani Ports buys Australian coal export terminal for $2.54bn

BRF to invest $160m in Saudi Arabian plant
Second fuel debris sample retrieved at Fukushima
AgriAmerica expanding in Chautauqua County, will create 469 jobs
Flock Safety to create 210 new jobs in Smyrna, Georgia
International Paper in talks to divest five plants in Europe
 

CAREERS

Pere Mañé appointed as new CEO of Suanfarma

Ben Söderling new CEO of Sovellusmestarit Oy and MoveRoll Oy
Helio Fujita joins Mars as global people & organization VP for petcare business
Cold Summit appoints Harld Peters as president of Cold Summit Europe
Royal Van Leeuwen chairman Peter Rietberg stepped down
iSON Xperiences appoints Ricardo Langwieder as chief sales officer
 

ECONOMY

Thailand's exports jump 17.8 pct to 3-year high in March

Turkish exports hit second highest March figure on record
EU hourly labour costs ranged from €11 to €55 in 2024
U.S. consumer confidence dropped sharply in February
EU records trade surplus for 6 quarters in a row
Brazil reaches second highest export value for January
 

EARNINGS

Ericsson Q2 sales down but North America up

Lockton revenue $3.55 billion
Motorcar Parts of America Q4 sales $189.5 million
Limoneira Q2 revenue $44.6 million
Lululemon athletica Q1 revenue increased 10% to $2.2 billion
PVH Q1 GAAP EBIT $205 million
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

Tanzania bans agricultural imports from South Africa and Malawi

Experimental bird flu vaccine excels in animal models
Peru to secure fresh potato access to Brazilian market
New pollen-replacing food for honey bees brings new hope for survival
Fishing ban begins across Türkiye to protect marine resources
Argentina opened Albanian market for beef exports
 

LEADERSHIP

Study: Missing a deadline has a bigger impact than you might think

Employers prefer younger job candidates for AI roles although experienced workers perform same or better
Study finds workers misjudge wage markets
Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
 

CRIME

EU fines carmakers €458 million for anti-recycling cartel

Commission fines Pierre Cardin and its licensee Ahlers €5.7 million for restricting cross-border sales of clothing
BHP, Vale agree to pay $30B damages for Brazil dam disaster
Commission fines České dráhy and Österreichische Bundesbahnen €48.7 million over collusion to exclude common compe
SEC charges Keurig with making inaccurate statements regarding recyclability of K-Cup beverage pod
SEC charges John Deere with FCPA violations for subsidiary’s role in Thai bribery scheme
 
Magazine

TRAVEL

Radisson Hotel Group debuts in the heart of Tunisia’s capital city, Tunis

Morocco’s first Radisson branded hotel opens in Casablanca
Buna channels, an unreal and beautiful part of Bosnia and Herzegovina
JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
 

SEA, LAND, AIR

Citroën C3 Aircross, the most affordable compact SUV with 7 seats

2025 Chevrolet Equinox stands apart with fresh looks and capability
Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
 

DESIGN

Cold night, hot fire pit, cool entertainment

Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
 

GADGETS

MESA/Boogie Celebrates 40-year partnership with John Petrucci

reMarkable 2, monochrome tablet for your thoughts and your eyes
OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
 

HEALTH

FDA grants marketing authorization of first home test for chlamydia, gonorrhea and trichomoniasis

Human cases of anthrax reported in western Mongolia
One more barrier to developing vaccine for HIV removed
Rwanda begins world's first clinical trial for treatment of Marburg virus disease
Rwanda restricts gatherings amid Marburg virus outbreak, to begin trials of vaccine
Teksas Attorney General reaches settlement in first-of-its-kind healthcare generative AI investigation
 

MEANTIME

Russian academics, gas industry experts see undersea LNG transportation as feasible

India launches space docking experiment mission
World-first carbon-14 diamond battery made
Einstein Telescope step closer
Exoplanet-hunting telescope to begin search for another Earth in 2026
India to build first phase of its own space station by 2028