Coronavirus Impact: Dutch Government Readying Upto 4 Billion Euro Aid Package for KLM Airlines

The Dutch authorities plans to prop up KLM through the coronavirus disaster with an assist package deal value between two to 4 billion euros, the finance minister stated Friday, shortly after Paris pledged assist for companion airline Air France.

“I would like to announce that the cabinet intends to provide between two and four billion in financial support to KLM,” Wopke Hoekstra advised a information convention in The Hague. “We are currently working out the exact form and details,” Hoekstra stated however he added the package deal will likely be “in the form of loans and guarantees.”

The Dutch nationwide service, which flies from the worldwide hub of Schiphol airport exterior Amsterdam, has been exhausting hit by the impression of the virus on air journey, with greater than 90 per cent of its fleet grounded since final month. Schiphol, which noticed some 71 million passengers previous its gates in 2018 has additionally been severely affected by the grounding of its flagship airline, which final yr celebrated its centenary.

KLM was the “first in a row of dominoes,” Hoekstra stated.

“If KLM topples it will not only have consequences for the company and its personnel…,” the minister stated.

Dutch infrastructure minister Cora van Nieuwenhuizen stated with out KLM, Schiphol would lose about 40 per cent of its air visitors.

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“We cannot afford to lose such an essential link,” Van Nieuwenhuizen stated.

The airport, immediately and not directly, created greater than 100,000 jobs, she advised journalists. The Dutch authorities owns a 14 per cent stake in Air France-KLM. Strings connected would come with not paying bonuses, revenue sharing or dividends.

“I realise that this is not an easy message for KLM. But it is about tax money which is needed from all of us to strengthen KLM’s position,” Hoekstra stated.

France earlier introduced a seven billion euro assist package deal for Air France.

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This post was last modified on April 26, 2020 10:49 pm

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