Calamos Supports GreeceCalamos Supports Greece Business 115-Million-Euro Greek Aid Package Seeks To Help Struggling Airlines

115-Million-Euro Greek Aid Package Seeks To Help Struggling Airlines

Photo Credit: Wikimedia Commons-Igor Dvurekov

The nation of Greece will give the country’s airlines a 115 million euro aid package to assist them as they struggle to return to profitability after the near-complete shutdown due to the coronavirus pandemic.

“Sectors such as air transport, which is directly linked with tourism… are in need of a special support framework, as they have a systemic significance for the country’s economy,” according to today’s statement issued by the Finance, Labor and Transport ministries.

Some 11,000 individuals are employed in the air sector in Greece, while foreigners arriving by air accounted for 85 percent of the 18 billion euros spent by tourists in Greece in 2019.

The government will also reduce income taxes on pay earned by airline pilots, cabin crews and technical staff, with a 15 percent tax rate, which will lower airlines’ costs for wages by about 7.7 million euros annually.

Additionally, new regulations will include paying airlines an additional 20 euros per offered seat on flights to remote Greek islands, worth some 6 million euros.

Additionally, the VAT tax will be reduced to 13 percent, from the current 24 percent, from June 1 through October, 2020, which is expected to result in some 30 million euros in lost revenues for the government.

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