EU Commission gives green light for fixed cost subsidy

Largest subsidy in the history of the Second Republic

“Our businesses need money and they need it now. The formal approval from the EU Commission means that we can keep to our schedule and pay out the first subsidies within ten days. Any delay would have been bad news for businesses and jobs. After Denmark, Austria is only the second EU country to award such a fixed costs subsidy. We are working faster than other countries to put the economy back on track”, said Finance Minister Gernot Blümel.

Austria has endeavoured to obtain approval in intensive discussions with the Commission over the past two weeks. Most recently, Finance Minister Gernot Blümel and Economics Minister Margarete Schramböck telephoned with EU Commissioner Vestager to settle the last few remaining issues. The EU Commission gave its formal approval over the weekend and has notified the corresponding directive. Since last Wednesday, applications have been accepted nationwide via FinanzOnline and the fixed costs subsidy is now formally agreed under EU subsidy law as well. The fixed costs subsidy will help companies of all sizes. It will replace up to 75% of fixed costs and spoiled goods.