Thomas Cook collapse: Algarve impact “minimal”, says tourism boss

Portugal opens €150 million credit-line for companies affected by Thomas Cook collapse

The Portuguese government has earmarked €150 million worth of credit to help companies affected by the collapse of travel firm Thomas Cook.

The announcement, made last Friday, will ensure that companies can claim up to 1.5 million each, explains Reuters news agency, stressing that although Portugal was “little affected by cancellations of Thomas Cook flights, the tourist packed Algarve region fears hotel bills will be left unpaid as the holiday season draws to an end”.

In a statement, the government said it will also make available €2.25 million euros “specifically to help the Algarve region and the island of Madeira cope with the collapse”.

The statement said those two regions “were the most affected, but provided no details”, added Reuters.

The cash will be used by tourism bodies in both areas “to try and generate holiday demand from the UK, Germany, France, Netherlands, Ireland, Poland and Nordic markets”, the government added.

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