Lufthansa-owned Austrian Airlines gains €450m in bailout funding – The National

Lufthansa-owned Austrian Airlines gains €450m in bailout funding – The National

Lufthansa's historic state bailout increased by €450 million ($508m, or Dh1.87bn) after Austria agreed to provide support to the German carrier's division in the country.. Austrian Airlines will get ¸€150m in direct aid plus €300m in loans underwritten by the government, helping to sustain the unit as carriers begin to restore flights amid an easing of coronavirus lockdowns, Chancellor Sebastian Kurz said in a briefing on Monday.. The Austrian breakthrough leaves Belgium as the only one of the group's four home countries to reach an agreement on emergency funding, with talks ongoing.. Europe's biggest airline, which will match Austria's cash contribution, faces a renewed challenge in Vienna after Ryanair Holdings, the region's largest discount operator, said on Monday its Laudamotion arm would retain a hub in the Austrian capital following an agreement on new pay terms.. Lufthansa chief executive Carsten Spohr agreed to keep Vienna as its hub for central and eastern Europe for at least 10 years and to expand it in tandem with the group's other bases, backed by penalties if that accord is broken.. Austria will also introduce a €30 fee for flights of less than 350 kilometREs, according to environment minister Leonore Gewessler, and work with