€7.7 million scheme set to help Greek cultural sector survive COVID-19
The European Commission has approved a €7.7 million Greek scheme to support micro and small companies active in the cultural sector in Athens. The scheme will mitigate the sudden liquidity shortages that the companies are facing due to the measures taken by the Greek government to limit the spread of COVID-19.
The public support will take the form of direct grants and will be co-financed by the European Regional Development Fund. A list of costs incurred by the companies in 2019 will be used as a reference point to calculate the amount of aid they will receive. The scheme will help companies to organise cultural events that promote the cultural assets of Athens. The Greek scheme is in line with the conditions set out in the Temporary Framework. In particular, the support:
(i) will not exceed €800,000 per company as provided by the Temporary Framework;
(ii) will be granted no later than 30 June 2021.
The Commission concluded that the scheme is necessary, appropriate and proportionate to remedy the serious economic disturbance. On this basis, the Commission approved the measure under EU State aid rules.
More information on the Temporary Framework and other actions taken by the Commission to address the economic impact of the coronavirus pandemic can be found here