European Foundation
for the Improvement of
Living and Working Conditions

The tripartite EU agency providing knowledge to assist
in the development of better social, employment and
work-related policies

COVID-19 EU PolicyWatch

Database of national-level responses

Eurofound's COVID-19 EU PolicyWatch collates information on the responses of government and social partners to the crisis, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for case AT-2020-10/213 Updated – measures in Austria

State support for tourism - Access to finance

Massnahmenpaket fuer den Tourismus - Bank

Country Austria , applies nationwide
Time period Open ended, started on 06 March 2020
Type Legislations or other statutory regulations
Category Supporting businesses to stay afloat
– Access to finance
Author Bernadette Allinger (Forba) and Eurofound
Case created 31 March 2020 (updated 21 April 2021)
Related ERM support instrument

Background information

As the tourism industry was among the first sectors to be affected by the closure of enterprises and travel restrictions, the Austrian government - following dialogue with the social partners - announced a support package on 4 March to help ensure the liquidity of small and medium sized enterprises operating in tourism as well as in related business activities (i.e. leisure activities or transport services related to tourism).

Next to this measure, also the other support measures (short-time work, 'Haertefallfonds', subsidy for fixed costs) are available to companies in the tourism industry.

Content of measure

Initially, bank guarantees amounting to €100 million were foreseen, but this was increased to around €1 billion on 22 March 2020. Also the costs for issuing the bank guarantees (1% administration fee and 0.8% recurring provision) will be covered by the state. The financial measures are administered by the specialised Austrian Bank for Tourism (OHT).

In addition, some regional states (Bundeslaender) have declared they they will support companies by taking on the payment of interest on the loans and some banks have announced they will keep interest rates low (at 1%). The administrative application has been simplified via an online form.

For companies which were already holding loans from the OHT bank (so called 'TOP-tourism-loans'), the repayment of the outstanding capital can be stopped during 2020 upon application.

Updates

The following updates to this measure have been made after it came into effect.

08 April 2021

The OHT offers three different models for assuming liability in the amount of 80%, 90% or 100% for small and medium sized companies. The budget lies at €1.625 billion.

Use of measure

Since 11 March 2020 (until 31 March), 4,000 requests for support were received and by 26 March, more than 150 bank guarantees, with a volume of €32.5 million had been drafted.

Target groups

Workers Businesses Citizens
Does not apply to workers Sector specific set of companies
SMEs
Does not apply to citizens

Actors and funding

Actors Funding
National government
Public support service providers
National funds

Social partners

Social partners' role in designing the measure and form of involvement:

Trade unions Employers' organisations
Role Consulted Consulted
Form Direct consultation outside a formal body Direct consultation outside a formal body

Social partners' role in the implementation, monitoring and assessment phase:

  • Unknown
  • Main level of involvement: Peak or cross-sectoral level

Involvement

The social partners were consulted.

Views and reactions

No further information available.

Sectors and occupations

    • Economic area Sector (NACE level 2)
      I - Accommodation And Food Service Activities I55 Accommodation
      I56 Food and beverage service activities
      R - Arts, Entertainment And Recreation R93 Sports activities and amusement and recreation activities

This case is not occupation-specific.

Sources

Citation

Eurofound (2020), State support for tourism - Access to finance, case AT-2020-10/213 (measures in Austria), COVID-19 EU PolicyWatch, Dublin, http://eurofound.link/covid19eupolicywatch

Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process. All information is preliminary and subject to change.