Factsheet for case AT-2020-10/213 – Updated – measures in Austria
|Country||Austria , applies nationwide|
|Time period||Open ended, started on 06 March 2020|
|Type||Legislations or other statutory regulations|
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|
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.
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.
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.
|Does not apply to workers||
Sector specific set of companies
|Does not apply to citizens|
Public support service providers
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Direct consultation outside a formal body||Direct consultation outside a formal body|
Social partners' role in the implementation, monitoring and assessment phase:
The social partners were consulted.
No further information available.
|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.
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.