€12 million in state aid for Malta International Airport to be granted via tax credits

Following the approval by the European Commission of a Maltese aid measure to compensate Malta International Airport (MIA) for the losses suffered due to the coronavirus pandemic, it has been established, through Legal Notice 247 of 2022, that the approved sum of €12 million will be granted in the form of tax credit.

In a Malta Stock Exchange announcement, MIA said the measure is aimed at compensating the company for “material losses suffered between 21st March and 20th June 2020, directly as a result of the travel ban imposed by the Maltese authorities to curb the spread of COVID-19.”

The measure was approved in June 2022 under the European Commission’s Temporary Framework for State Aid Measures in the context of the pandemic.

MIA had ended the year 2020 with 1.7 million passenger movements, translating to a drop of 76.1 per cent in passenger traffic compared to pre-pandemic levels.

The approved measure is expected to support the national airport in the implementation of its investment programme in the airport infrastructure, along with its endeavours to restore 2019 passenger activity by rebuilding Malta’s route network together with existing and new partner airlines.

MIA expects to end the year 2022 with more than 5.4 million passenger movements, translating to a recovery of 74 per cent of 2019’s record traffic.