The European Commission has approved a €600,000 Flemish scheme to support the fishery sector after the instability that has come around since the Russian invasion of Ukraine.
Among the various economic consequences of the war in Ukraine, the increase in energy, fuel, and raw material prices has exacerbated the challenges faced by the Flemish fishing industry.
To that end, the Flemish Government had decided to grant a total of €600,000 in aid to affected businesses.
As this scheme constitutes state aid, this measure had to be approved by the European Commission.
On Monday, the Commission announced that it had approved the measure to cover part of the additional costs incurred by eligible beneficiaries due to the various price rises.
Furthermore, the Commission has determined that the Flemish scheme meets the standards outlined in the Temporary Crisis Framework.
On one hand, that the aid should not exceed €75,000 per beneficiary, and on the other, that the aid should be granted no later than 31 December 2022.