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Commission approves €30 million Estonian measure to support Nordica Aviation Group

Christian Fernsby |
The European Commission has approved a €30 million Estonian measure to provide a share capital increase and a subsidised interest loan to the state-owned aviation company “Nordica Aviation Group AS”.

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The scheme was approved under the State aid Temporary Framework.

Nordica has established business partnerships with major airlines in Northern and Eastern Europe and therefore plays a key role in Estonia's connectivity.

Nordica has suffered significant losses due to the severe disruption of air passenger transport caused by the emergency measures necessary to limit the spread of the coronavirus.

This had an adverse impact on the company's financial position and, as a result, Nordica is facing severe liquidity issues, as well as the risk of insolvency by the end of the year.

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