Tour Operator TUI receives 1.8 billion euros financial aid from German government

Travel organization TUI will receive a loan of 1.8 billion euros from the German state-owned bank KfW because of the corona crisis, the company announced on Friday.

Boeing 737 TUI Airways (wikimedia commons)

With the financial support, the buffer of the travel giant grows to 3.1 billion euros. In the message, the group says it needs the support until business can be restarted.

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The travel industry has entered a deep recession due to the further spread of the corona virus outbreak. TUI has canceled all trips until the end of April. Stranded travelers will still be picked up.

Other travel organizations have also canceled holiday trips. For example, Corendon canceled all trips until June 1.