The Greek government will support Aegean Airlines with €120 million to help Greece’s largest carrier which has been hit hard during the pandemic.
The announcement was made by Greek government spokesman Stelios Petsas.
“In a comprehensive plan, based on the equitable sharing of burdens between the state and private shareholders, the government will support Aegean, the largest air carrier in our country, which is impacted by the effects of the pandemic on social and economic activity and in particular travel and tourism,” he said.
According to the Bank of Greece, tourism revenues fell 78.2% and there was a 77.2% drop in arrivals over the first nine months of 2020.
Further, Aegean Airlines posted a €73.4 million net loss for the second quarter of this year.
Petsas underlined that the government’s support “is essentially a plan to strengthen the largest domestic airline, which resembles cases of state support of other major European airlines with the contribution of the state, but at the same time ensures the significant participation of private funds.”
“At the same time, the Greek State will receive special options, in the form of warrants, for the purchase of shares in the company, which it will be entitled to exercise under specific conditions and for a certain period of time.”
Aegean shareholders will in addition provide another €60 million.
Aegean Airlines has been certified with the 4-Star COVID-19 Airline Safety Rating by Skytrax, in recognition for its enhanced COVID-19 health and safety measures.
Greece’s largest carrier is among the top 4 carriers in the world to be certified with the 4-star Rating, confirming that it implements the highest standards and best practices proposed by the World Health Organization, ICAO and IATA for the protection of passengers and crew.
It is recalled the airline recently introduced ‘Hygiene Attendants’ who assist passengers to follow all safety measures while boarding, in flight, and during disembarkation.