Estonian state to give EUR 5 mln to processors of fishery, aquaculture products

  • 2020-07-31
  • BNS/TBT Staff

TALLINN – The Estonian government has allocated five million euros to enable business operators active in the processing of fishery and aquaculture products to seek partial compensation of the loss of sales incurred by them as a result of the coronavirus outbreak.

"In drafting the regulation, we kept in mind the goal of mitigating the negative economic impact  arising from coronavirus on the processors of fishery and aquaculture products, in order to help preserve the sector's vitality and competitiveness," Minister of Rural Affairs Arvo Aller said in a press release.

A rapid reduction in sales volumes constituted the main damage sustained by the sector due to the pandemic.

Under the regulation, companies active in the processing and storage of fish, crustaceans and molluscs and handling of fish will be compensated for reductions in sales in the portion that exceeds 15 percent. 

To be taken as basis for the calculation is the business operator's sales revenue for a half-year period between Feb. 1 and Dec. 31,  2020, compared with the corresponding period in 2019. The calculation of the size of the support will be based on the difference between the value added tax returns of the applicant in the relevant periods of 2019 and 2020. 

Of the budget of the measure, 75 percent comes from the budget of the European Maritime and Fisheries Fund and 25 percent from the state budget.