Aviation
Commercial /
Europe
state aid
European Union approves TAP restructuring plan and aid of 2.55 billion euros
Airbus A330-900neo
TAP
Nicky Boogaard, CC BY 2.0, via Wikimedia Commons
Rafael Ramos
12/22/2021
Yesterday, 21, the European Commission announced the approval of the restructuring plan for the TAP airline, as well as aid of 2.55 billion Euros, equivalent to more than 16.5 billion reais, by Portugal.
In addition, an aid of 107.1 million Euros was approved to compensate TAP for the losses suffered as a result of the coronavirus pandemic.
Executive Vice President Margrethe Vestager said the approved measures will ensure the airline's long-term viability.
Also in December, the restructuring plan presented by TAP provided for a reduction in personnel, salaries and the fleet.
However, TAP will have to divest itself of its subsidiary, Portugalia, and cede the shares it holds in several companies of the TAP group, including a maintenance subsidiary headquartered in Brazil.
In addition, TAP will release slots at Lisbon airport, as claimed by some of its competitors, such as Ryanair.
According to the European Commission, the aid is justified because TAP is the largest airline based in Portugal. Furthermore, it plays a key role in the growth of tourism in Portugal and the Portuguese economy. In 2019, TAP was responsible for more than 50% of flights at Lisbon International Airport.
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Rafael Ramos
Aviation enthusiast from an early age, he had his first contacts with the area developing that good old habit of spending dozens of hours in front of the screens of Micrsoft Flight Simulator and other simulators. With a solid background in various technological areas, including engineering and chemistry, Rafael has rejoined aviation as editor and author of articles and materials on our portal, providing invaluable help to the dynamics and expansion of the website and the aeronautical community, bringing us the news and updates so indispensable for us to remain current in our area of operation.
   
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