Flanders approves financial aid for companies suffering from high energy prices

The Government of Flanders has approved financial support measures for companies suffering badly from high energy prices. Flemish Economy minister Jo Brouns announced this on Friday. The aid is "temporary, targeted and conditional". For example, companies must suffer an operating loss and have more than doubled energy costs by the fourth quarter of 2022.

The financial aid was one of the promises in the Flemish government's September declaration. Companies affected by the Ukraine crisis and rising energy prices could count on the support of the government. Earlier this week, the European Commission approved the Flemish support plans.

Specifically, these are companies that saw their energy costs at least double in the fourth quarter (compared to 2021). All the costs they paid on top of this doubling are eligible for support. In addition, specific aid is provided for energy-intensive companies and energy-intensive companies in energy-sensitive sectors.

Each company receiving the aid is obliged to remain active in Flanders for at least five years, may not pay dividends until the end of 2023 and may not have placed more than 35 percent of its staff on temporary unemployment for the period for which it receives aid. Companies with high energy consumption must sign an energy policy agreement, committing themselves to reduce their energy consumption.

The Flemish government has provided an amount of 125 million euros for the first support period. An evaluation will follow in January. Companies can apply for the financial aid from Monday 16 December.


#FlandersNewsService | Flemish Economy minister Jo Brouns. © BELGA PHOTO DIRK WAEM

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