The Malta International Airport will be on the receiving end of €12 million in tax credits in order to compensate for losses sustained due to the Covid-19 pandemic.

The news was announced by the MIA in a filing with the Malta Stock Exchange on Wednesday.

“Following the approval by the European Commission of a Maltese aid measure to compensate Malta International Airport for the losses suffered due to the coronavirus pandemic, it has been established through Legal Notice 247 of 2022 that the approved sum of €12 million will be granted in the form of tax credit,” the company said in an announcement.

Having been approved on 27th June 2022 under the European Commission’s Temporary Framework for State Aid Measures in the context of the Covid-19 outbreak, the aid measure is aimed at compensating Malta International Airport for the material losses suffered between 21st March and 30th June 2020, directly as a result of the travel ban imposed by the Maltese authorities to curb the spread of the Covid-19 virus.

Malta International Airport had ended the year 2020 with 1.7 million passenger movements, translating to a drop of 76.1% in passenger traffic compared to pre-pandemic levels.

“The approved measure is expected to support Malta International Airport in the implementation of its investment programme in the airport infrastructure, along with its endeavours to restore 2019 passenger activity by rebuilding Malta’s route network together with existing and new partner airlines,” the airport said.

Malta International Airport said that it expects to end the year 2022 with more than 5.4 million passenger movements, translating to a recovery of 74% of 2019’s record traffic.