The European Commission has, under the state aid rules of the EC Treaty, authorised the first in a series of aid measures for businesses in Luxembourg to deal with the current economic crisis. The measure will enable Luxembourg to grant until December 31, 2010 aid of up to EUR500,000 to businesses likely to have a structural impact on the national or regional economy.
"This measure will give a shot in the arm to businesses affected by the current economic situation without causing undue distortions of competition. The effectiveness of the Luxembourg authorities’ response has enabled the Commission to come to a decision very quickly," said Competition Commissioner Neelie Kroes.
The scheme meets the conditions detailed within the Commission’s temporary framework, which gives Member States greater flexibility in granting state aid and providing businesses with improved access to financing during the economic and financial crisis. The scheme proposed by Luxembourg is compatible with Article 87(3)(b) of the EC Treaty, which permits aid to remedy any serious disturbance in the economy of a Member State.
The scheme is the first measure authorised for Luxembourg under the new temporary framework for state aid.
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