Portugal earmarks €150 million to credit firms hit by Thomas Cook collapse

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Portugal earmarks €150 million to credit firms hit by Thomas Cook collapse

On Friday, the 27th of September 2019, the Portuguese Government issued an announcement saying that it had set aside a lump-sum of €150 million worth of credit in order to help domestic tourism companies grievously hurt by the unprecedented collapse of British tourism company Thomas Cook.

In point of fact, latest announcement from the Portuguese cabinet came forth five days after the British tourism giant had collapsed amid an excessively overwhelming debt-burden, while under the Portuguese Government’s aid package, each firm would be eligible to seek for a credit of up to €1.5 million, while the affected firms would also be able to apply for a loan by calling a helpline, set out specifically to assist firms wounded by Thomas Cook collapse.

Nonetheless, according to several industry analysts, Portugal was less affected than other tourism-based European economies from cancellations of Thomas Cook flights, however, the Algarve region, Portugal’s southernmost part known for its Atlantic beaches alongside golf resorts fretted that hotel bills of tourists travelling under Thomas Cook’s Fall travel pack would be left unpaid as the holiday season was getting closer to an end.

Meanwhile, in a separate statement published on Friday (September 23rd) the Portuguese Government had also announced that it would lay aside roughly €2.25 million to help the tourism industry of Algarve region alongside the island of Madeira to grapple with the expenses of Thomas Cook collapse.