Travel agencies that have been impacted by the pandemic and are now being impacted by the situation in Ukraine will be eligible to get financing as part of a €10 million initiative.
Cabinet ministers will today give their approval to a government plan to assist in the preservation of 3,000 employment in the industry.
To be eligible for assistance, travel agencies will need to demonstrate that their sales are 25 percent below the levels of 2019. The amount of cash available will be limited to a monthly cap computed as a percentage of the average sales in 2019.
There will be two payout rounds, and applications will be available starting next week.
While the travel industry recovers from the epidemic, the funds will assist travel agents in covering business-related, non-payroll expenses. Since March 2020, a total of 12 travel companies have gone out of business.
As a government source put it, “the plan will assist lower the danger of bankruptcy and will serve to lessen financial exposure to the Exchequer.”
The jobs are “equitably dispersed” across the nation, with the majority of companies being small, family-owned enterprises.
