The European Commission has approved a support package of EUR 351 million for Finnair as it found it to be in line with EU State aid rules. The support will take the form of a hybrid loan, and it aims at compensating the airline for the damage it suffered due to the coronavirus outbreak between 16 March and 31 December 2020.
“The aviation sector has been particularly affected by the various travel restrictions imposed to contain the spread of the coronavirus. With the measure we approved today, Finland will compensate Finnair for damages directly suffered as a result of such restrictions,” stated Executive Vice-President Margrethe Vestager, who is in charge of competition policy.
Borenius represented Finnair before the European Commission and assisted the company on the hybrid loan documentation.