Abstract
The COVID 19 outbreak has hit the global (including the EU) economy unexpectedly and with great force. Many so far healthy undertakings have had to face the looming lack of liquidity.
Highlights
The spread of the coronavirus hit the global economy unexpectedly and with great force
On the basis of Article 107(2)(b) TFUE, member states can provide support for undertakings in sectors that have been hit by the coronavirus pandemic, such as tourism, transport, hospitality or culture, as well as organisers of cancelled events for damages suffered due to and directly caused by the outbreak, e.g. part of the aid granted to previously mentioned BlueAir to compensate the damage directly caused by the coronavirus outbreak and the travel restrictions imposed by public authorities
As the above stipulated option (based on Article 107(2)(b) TFUE) is restricted to compensation for damage directly caused by the coronavirus outbreak, aid addressing more generally the economic downturn from the coronavirus pandemic is assessed on the basis of Article 107(3)(b) TFUE, according to which aid to promote the execution of an important project of common European interest or to remedy a serious disturbance in the economy of a member state can be considered to be compatible with the internal market
Summary
The spread of the coronavirus hit the global economy unexpectedly and with great force.
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