Aegean Airlines (32A), Greece's national carrier, will receive € 120 million in government aid to alleviate the pandemic losses. Government support will be provided to strengthen the airline's capital.
The airline had a net loss of EUR 73.4 million in the second quarter of 2020, a loss caused by travel restrictions imposed by the authorities during the COVID-19 pandemic.
According to Stelios Petsas, the Greek government spokesman, the government will receive mandates in exchange for 120 million euros in aid to the airline. Also, the airline's shareholders will provide 60 million euros Furthermore. In the longer term, the government will receive aid back after air transport returns to normal.
The Q2 2020 financial report showed that the total number of flights operated by Aegean decreased by 82%, while passenger traffic decreased by 92%. As a result, the airline experienced a significant decrease in its revenues by 64%.