In addition to this line of support, the Government, in partnership with two other entities, will provide 2.25 million euros for a Special Promotion Plan for the Algarve and Madeira.
Companies affected by the insolvency of tour operator Thomas Cook will have at their disposal a credit line of up to €1.5 million, the Government announced on Friday.
The Ministry of Economy said that the line, with advantageous conditions is for a period of up to three years”.
“In addition to the credit line measure, the Government, in partnership with the Algarve Tourism Association and the Madeira Promotion Association, will make available €2.25 million for a special promotion plan for the Algarve and Madeira, which aims to respond to the drop in demand in those two destinations from the demise of Thomas Cook”.
According to the Ministry of Tourism’s note, the plan aims to increase demand and levels of air transport and tourism operation in the following issuing markets: United Kingdom, Germany, France, Netherlands, Ireland, Poland and Nordic markets.
Turismo do Algarve and Turismo de Portugal will meet on Saturday with companies affected by the bankruptcy of Thomas Cook to assess the situation and define the next steps.
The Government and Tourism of Portugal have been permanently monitoring developments in the main markets affected by the insolvency of Thomas Cook, namely through tourism teams abroad and the embassies of those markets in Portugal.
Algarvian entities have stated that they fear that the bankruptcy will leave services provided in the high season in the region unpaid, despite the fact that Thomas Cook tourists represented only 0.2% of passengers at Faro airport.