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EU okays 750 million euro German scheme for consumers hit by cancelled travel services

Stock Markets9 minutes ago (Jul 09, 2021 06:01AM ET)

(C) Reuters. FILE PHOTO: A woman waits at the Berlin Brandenburg airport in Schoenefeld, Germany, December 21, 2020. REUTERS/Hannibal Hanschke

BRUSSELS (Reuters) – EU competition regulators on Friday approved a 750-million-euro ($888 million) German scheme for a fund to reimburse travellers affected by insolvent package travel organisers due to COVID-19.

Germany wants to set up a Travel Insolvency Fund, financed by contributions from package travel organisers, which will be operational from Nov. 1.

The state guarantee will ensure that sufficient resources are available to refund consumers for cancelled travel services, in cases where package travel organisers become insolvent and available assets in the Fund are insufficient to cover the consumer refunds.

The European Commission said the German scheme complies with the bloc’s state aid rules.

($1 = 0.8445 euros)

EU okays 750 million euro German scheme for consumers hit by cancelled travel services

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