Portugal reserves 150 million euros for loans to companies affected by the bankruptcy of Thomas Cook

The Portuguese Government has allocated 150 million euros to offer loans to national companies affected by the bankruptcy of British tour operator Thomas Cook.

Each company will be entitled to a loan of up to 1.5 million euros that can be requested through a specific help line. In Portugal, the bankruptcy of Thomas Cook has not affected as much as in other countries, but in the area of the Algarve, where most tourists are concentrated, hotels fear they will not collect bills for the last summer dates.

The Government has also announced that it will put 2.25 million euros to help the Algarve region and the island of Madeira cope with the collapse. This money will be used in promotion that generates demand between the markets of the United Kingdom, Germany, Holland, Ireland, Poland and the Nordic markets. Tourism agencies will meet on Saturday to assess the situation.