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€300mln compensation for Athens, 14-Fraport airports for pandemic losses

Τhe Greek Finance Ministry has tabled bills to compensate the Athens International Airport managed by German Hochtief and 14 regional airports managed by German Fraport for losses in 2020 due to the pandemic.

A bill that will provide 177.9 million euros to 14 regional airports managed by Germany-based Fraport was approved at Parliament committee level on Tuesday.

The bill ratifies an agreement from  December 2015 between the Hellenic Republic Asset Development Fund (HRADF) and Fraport for aid compensating for losses caused by the state.

Ruling New Democracy supported the bill, main opposition Syriza-Progressive Alliance and Movement for Change (KINAL) reserved judgment for the plenary debate, Communist Party KKE, Greek Solution and MeRA25 rejected it.

The International airport of Athens is reportedly to be compensated with 130 million euros.

Speaking to party representatives, Finance Minister Christos Staikouras said that “passenger traffic dropped globally at airports, while in Greece in particular it fell in 2020 by 70.5 percent compared to the same time in 2019,” and by 72.1 pct in terms of the country’s economic model forecast.

Similar initiatives have been undertaken by governments in several European and non-European countries, he said.

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3 comments

  1. privatize the profits, the public eats the losses!
    enjoy your modern fake capitalism!
    (in real capitalism at least they’d eat their own losses!)

  2. If the German companies who bought Greek airports very cheaply want compensation, let them seek it from their own Government.

    If they don’t like doing business in Greece without compensation, they can always give the airports back to the Greek people !!

  3. ReindeR Rustema

    “The bill ratifies an agreement from December 2015 between the Hellenic Republic Asset Development Fund (HRADF) and Fraport for aid compensating for losses caused by the state.”

    So the government in 2015 was not paying attention and forgot to include a clause to exclude actions from the state that were taken in a crisis situation to protect the public health.

    Obviously such a clause was in there to make behaviour of the governemnt predictible. But the pandemic measures were completely reasonable in the situation.

    I wonder, did all the ferry companies, KTEL, Trainose, etc also file such huge claims? Probably not