TAP loan of €462 million authorised by European Commission

Following news that Portugal’s beleaguered national airline TAP has posted over €1 billion in losses in the last year (click here), the European Commission has announced that it has authorised a loan from the government of €462 million to the company. “This measure will enable Portugal to compensate TAP for the damage it suffered as a direct result of the travel restrictions that Portugal and other destination countries had to implement to limit the spread of the coronavirus,” EU antitrust commissioner Margrethe Vestager said in a statement.