The Irish Government Increases Its Support for Aer Lingus by €200 Million

This new three-year loan facility is in addition to the $165 million in support that Aer Lingus and ISIF agreed to in December 2020.

Highlights

  • The carrier reported operational losses of €347 million ($383 million) in 2021.
  • The Irish Strategic Investment Fund has agreed to provide Aer Lingus with an extra $220 million in financial support.
  • The airline has lost about €708 million ($780 million) in the last two years.

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Aer Lingus

The Irish Government will provide Aer Lingus with a further €200 million ($220 million) in support, in addition to the €150 million ($165 million) it got in late 2020. The carrier reported operational losses of €347 million ($383 million) in 2021, prompting the additional loan facility.

The Irish Strategic Investment Fund has agreed to provide Aer Lingus with an extra $220 million in financial support. The airline has increased its loan facility after two years of consecutive losses during the COVID outbreak.

Elizabeth Haun, CFO of Aer Lingus, stated, "The increase in the available facility from ISIF to €350m provides additional resilience and, together with the airline’s focus on improving our cost efficiency and competitiveness, it is an important element as we plan our recovery."

This new three-year loan facility is in addition to the $165 million in support that Aer Lingus and ISIF agreed to in December 2020.

Paschal Donohoe, the Minister for Finance, stated, "Aer Lingus is a significant contributor to the Irish economy, both as an employer and as a vital link for Irish businesses exporting to global markets, for foreign direct investment into Ireland, and for our tourism and hospitality industries."

Aer Lingus has incurred substantial losses in 2020 and 2021 after earning pre-COVID profits of €276 million ($304 million) in 2019. The airline has lost about €708 million ($780 million) in the last two years.

Datchanapriya is a journalism and mass communication student from Chennai. Has always been passionate about writing and connecting with people.

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