0.1 C
Tuesday, March 28, 2023

Ministry of Finance: Corona aid saved tens of thousands of companies from bankruptcy

Must read

- Advertisement -
The Ministry of Finance had studies prove the effects of corona aid. (icon picture)
Image: Erwin Wodicka

- Advertisement -

A study by the CESAR Institute comes to similar conclusions: Without state aid, unemployment would have been more than twice as high in 2020 and is still substantially higher today.

According to the Ministry of Finance, the aim of the studies was to quantify the macroeconomic effects of the public COVID aid measures paid out in Austria in the years 2020 to 2022 in different scenarios. The studies were carried out by the economic research institute Wifo in cooperation with EcoAustria, the IHS, the University of Vienna and the Vienna CESAR Institute (Centre of Economic Scenario Analysis and Research).

According to this, without Covid-19 aid measures, 37,400 companies would have become illiquid by the end of 2021, which corresponds to more than 10 percent of all domestic companies. According to Wifo, this would have directly resulted in job losses of 203,100 people or 6.8 percent of all employees – this does not even include indirect job losses at other companies. The aid has mainly benefited small and medium-sized companies.

- Advertisement -

According to the CESAR study, more accurate measures that would have taken longer would have led to an additional burden on the budget totaling more than 1.5 billion euros, despite direct savings in aid payments.

more from economy

Europe’s answer to “America first”

Shortage of skilled workers in Austria higher than ever before

“I never want to find a reminder in my mailbox again”

Bundesforste boss on forest sale: “There will certainly be no more Ohlsdorf 2”

: Nachrichten

- Advertisement -


More articles


Please enter your comment!
Please enter your name here

- Advertisement -

Latest article