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€521m Of Public Money Reportedly Provided To Help Aviation Through COVID-19 Pandemic To Date

Published on Nov 24 2021 1:00 PM in General Industry tagged: Trending Posts / Aer Lingus / Dublin Airport / Cork Airport / Shannon Airport / Dublin Airport Authority / Donegal Airport / Ireland West Airport Knock / ISIF / Kerry Airport / Department of Public Expenditure / Strategic Investment Fund / Pandemic Stabilisation and Recovery Fund

€521m Of Public Money Reportedly Provided To Help Aviation Through COVID-19 Pandemic To Date

A Department of Public Expenditure review has reportedly revealed that €521 million of public money has been provided to help aviation through the COVID-19 pandemic to date.

Details

As reported by The Irish Times, airports and airlines were beneficiaries in the amount of €267 million by the end of June of aid such as wage subsidies.

Aer Lingus reportedly receiving a €150 million debt facility via the Ireland Strategic Investment Fund's (ISIF) Pandemic Stabilisation and Recovery Fund, and has reportedly drawn down €75 million to date. The ISIF entity reportedly also participated, to the tune of €40 million, in a €500 million Dublin Airport Authority bond.

The review reportedly said that the state provided such loans at commercial rates and reportedly noted that some countries granted favourable low-interest aviation loans and/or state guarantees. Still, the state reportedly provided a "considerable number of non-reimbursable supports" for grants totalling €64 million.

Cork and Shannon airports reportedly received €32.1 million in capital and operational grants. Dublin, Cork and Shannon reportedly separately received €20 million in damages compensation grants while Ireland West Airport Knock, Kerry and Donegal reportedly received €6 million. Shannon reportedly also received a further €6.1 million for a €12 million hold baggage screening project.

Additional Information

Regional airport programme funding reportedly rises to €36 million next year from €21 million, to bring Cork and Shannon airports into the scheme. A further €90 million will reportedly be available to Dublin, Cork and Shannon for discount and rebate passenger charges to incentivise airlines.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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