4 Oct, 2019 @ 11:07
1 min read

Spain’s Government launches €300 million fund for firms affected by Thomas Cook collapse

Thomas Cook Airlines Aircraft
Thomas Cook Airlines aircraft

THE Spanish Government has earmarked €300 million for businesses affected by the bankruptcy of Thomas Cook.

On October 11 a 13-point royal decree will be enacted to provide ‘a comprehensive response to the range of problems’ that have ensued with the travel giant’s collapse.

Among the measures is a reduction in airport taxes for passengers to the Canary and Balearic Islands.

Thomas Cook Airlines Aircraft
GROUNDED: The collapse of Thomas Cook has left the Spanish tourism industry on its knees

Politicians hope this will encourage firms to do business in the two regions, which both saw a sharp decline in tourism after the 178-year-old operator went bust.

The Government also highlighted that 3,400 staff across Spain will be left jobless, while 700,000 tourists that had booked Thomas Cook package holidays will now not visit Spain this winter.

Around 600 hotels owed money by Thomas Cook will also be given the option of deferring their taxes and delaying payments.

The travel giant has debts of €200 million with around 1,000 Spanish firms in total.

For employees left without jobs the Government has pledged some financial relief, as well as policies to accelerate their relocation to other roles.

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