Support for Greek tourism by the EU
Through the European Regional Development Fund and European Cohesion Policy, the European Commission has provided EU funding to support the economic recovery of tourism in Greece and invest in a quality and sustainable transformation of the Greek tourism sector to increase sustainability.
According to the Organization for Economic Cooperation and Development (OECD) report, international tourism decreased by 60% in 2020. In Greece, the situation was even worse.
According to data from the Institute of the Confederation of Greek Tourism Enterprises, revenues from tourism in the country in 2020 decreased by 76.5% compared to 2019 (from 17.7 billion euros in 2019 to 4.3 billion euros in 2020).
The plan for Europe’s recovery is more than just a plan. It is a unique opportunity for all the Member States of the European Union to emerge from the pandemic, transform their economies and create employment opportunities and jobs. This is an extensive project to help countries manage the economic impact of the coronavirus, including the tourism industry.
This is the largest support package in the history of the EU. According to the European Commission, the project aims to build “a greener, more digital and more resilient Europe”.
In Greece, changes to the ΄΄Competitiveness, Entrepreneurship, and Innovation΄΄ Operational Program will raise € 1.6 billion to support 272,000 small and medium-sized enterprises by subsidizing existing loan interest rates and supporting the Small Business Guarantee Fund.
The special funding of the Business Program “Competitiveness, Entrepreneurship, and Innovation” aims to strengthen Greek tourism companies, upgrade the quality of the tourism product, and contribute to sustainable tourism development.