Portugal's finance minister João Leão revealed that the next State Budget will include a provision of €990 million in public support for TAP.
TAP received €1.2 billion, with the repayment deadline extended to the end of the year. In addition, it has also received 462 million from the Portuguese government as compensation for damages caused by the restrictions imposed by the pandemic, and is expected to get another 500 million this year. And, at last, the State Budget for 2022 will bring an additional €990 million to the airline.
In an interview with RTP, the finance minister João Leão revealed that the airline company should receive around €500 million euros in public aid still this year, raising the total in 2021 to a sum of €1 billion.
The next state budget will include a provision of €990 million public support for TAP. The amount included in the State Budget for 2022 is what is foreseen in the restructuring plan, which is still being evaluated by the European Commission.
After 2022, there will be no more money for the company, according to Leão. “With these three years, the capitalisation plan is complete” for the airline, which from that point on will have to find other ways of financing itself.