Travel concern TUI expects another 1.2 billion euros of “coronavirus” state aid

News

Travel concern TUI expects another 1.2 billion euros of “coronavirus” state aid

14.08.2020 News

TUI will receive another 1.2 billion euros in state aid in connection with the effects of the coronavirus pandemic, the press service of the travel concern said.

“The € 1.2 billion stabilization package strengthens the group’s position, providing sufficient liquidity in an unstable market environment. This applies to both the tourist season of the winter of 2020/21, and other long-term travel restrictions and violations caused by COVID-19, ” – it is said in the message of the press service, published on Wednesday.

Thus, the total amount of received aid will be more than 2.4 billion euros, the press service said.

“The additional stabilization package allows us to focus on the operating business and at the same time promote the reorganization of the group. Even before the pandemic, we initiated the following transformation in TUI: the transition to a digital platform. This transformation is now accelerating significantly, “said TUI CEO Fritz Joussen, his words are quoted in a press release.

According to Joussen, at the moment, no one knows when vaccines or drugs will be available and what the effects of the pandemic will be in selected markets in the next few months.” That is why “it is right and important to take extra precautions with the federal government,” he said.

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