One year of Corona – 33.5 billion euros in economic aid pledged
The Ministry of Finance has taken stock of the Corona economic aid. Since the beginning of the crisis a year ago, numerous auxiliary instruments have been created to support the Austrian economy in the Corona crisis – from cancellation bonuses to short-time work to fixed cost subsidies. According to the Ministry of Finance, 33.539 billion euros have been legally binding promised or paid out by March 12, 2021.
Finance Minister Gernot Blümel (ÖVP) explains in a broadcast that the relief measures have been continuously improved and that it is now working “very well”. They are also ready to make further payments: “If more money is needed, there will be. We can afford that thanks to the good economic data and the solid budget policy of the past.”
Of the aid that has been promised or paid out to date, 10.849 billion relates to short-time working, 7.072 billion to the assumption of guarantees and 5.545 billion to tax deferrals (income and corporation tax, payment relief). 3.648 billion euros are allocated for emergency aid, 3.059 billion euros for sales replacement, 1.221 billion euros for the hardship fund and 776 million euros for the fixed cost subsidy (I and II). Furthermore, the community package accounts for 596 million, the non-profit organizations (NPO) support fund (including sports leagues) for 290 million and the Corona family hardship compensation for 172 million. The investment premium is around 41 million.
Billing of short-time work in retrospect
Part of the approved aid will not be paid out, for example in the case of short-time work: Here, of the 10.849 billion euros promised, 6.673 billion have so far been paid out by the AMS. Short-time working is billed in retrospect; some applications that have already been approved are not implemented. The ministry also expects not all approvals will be effective for tax deferrals and the assumption of guarantees.
Most of the applications relate to assistance up to EUR 9,999, for example 81 percent of the cancellation bonus falls into this category, 82 percent of the fixed cost allowance I, 82 percent of the December sales replacement and 71 percent of the November sales replacement. The top 3 industries for the cancellation bonus are: Accommodation and catering (35 percent of the applications paid out), trade and body-related services (15 percent each of the applications paid out).
The average disbursement of the aid amounts to 9,906 euros for fixed cost subsidy I, 18,432 euros for fixed cost subsidy II, 36,672 euros for loss replacement, 19,134 euros for November turnover, 9,195 euros for December turnover, 7,006 euros for failure bonus and 14,791 euros for NPO support fund. (apa)