EU to end looser state aid rules for virus-hit companies June 30

Of this figure, around 730 billion euros was actually spent, the European Commission said. "The improving economic situation in view of the relaxation of restrictions is the main reason why we have decided not to prolong the State aid COVID Temporary Framework beyond 30 June 2022," European Vice-President Margrethe Vestager said in a statement.

Looser EU rules that have allowed EU governments to grant more than 3 trillion euros ($3.14 trillion) in state aid to thousands of virus-hit companies in the last two years will end on June 30, EU competition regulators said on Thursday. Of this figure, around 730 billion euros was actually spent, the European Commission said.

"The improving economic situation in view of the relaxation of restrictions is the main reason why we have decided not to prolong the State aid COVID Temporary Framework beyond 30 June 2022," European Vice-President Margrethe Vestager said in a statement. However, investment support measures will continue until the end of this year and solvency support measures until the end of 2023.

The EU executive said it will consider later this year whether to extend beyond Dec. 31 easier state aid rules aimed at helping companies disrupted by sanctions imposed against Russia. ($1 = 0.9559 euros)

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