On Wednesday 17 March, the European Commission approved three Finnish measures with an overall budget of €350 million, to support airport operator Finavia in the context of the Covid-19 pandemic.
Finavia is a major airport operator in Finland. It manages 21 airports, including Helsinki airport. During 2020, the company suffered significant losses due to the effects of the crisis.
Finland notified three measures in favour of Finavia: - a €249 million capital injection; - a €33 million subordinated loan; - a €68 million measure to compensate the company for damages directly suffered as a result of the coronavirus epidemic.
The European Commission assessed the capital injection and subordinated loan in favour of Finavia under the Temporary Framework for State Aid in accordance with Finland’s notification.
As regards the capital injection, the Commission found that the recapitalisation measure notified by Finland was in line with the Treaty and the conditions set out in the Temporary Framework. With respect to the subordinated loan, the measure is considered to be in line with the conditions set out in the Temporary Framework (maximum duration of 6 years; it will be granted before 31 December 2021 and the interest rate will ensure minimum remuneration). (Original version in French by Lionel Changeur)