The Spanish government has approved spending of 700 million euros to offset the impact of the Thomas Cook collapse. The cabinet yesterday agreed lines of credit of up to 200 million euros for addressing the financial needs of those affected by the collapse and a further 500 million euros for project development. This covers improvements in competitiveness, especially with regard to innovation, digitalisation and modernisation of services.
Among the financial measures are direct grants of eight million euros and fifteen million euros, respectively, for the Balearics and the Canaries. This is spending for recovering the loss of air connectivity, consolidating diversification and improving destinations.
Deputy prime minister Carmen Calvo said yesterday that the Spanish government had set in motion "a reasonable response to a sudden crisis". Industry, trade and tourism minister Reyes Maroto observed that the gravity of the situation and the need to adopt immediate measures made it essential that a rapid response could be made through a decree law. This was what was agreed yesterday.