Receive our newsletter – data, insights and analysis delivered to you
  1. News
July 5, 2021

Fraport to get compensation for Frankfurt Airport maintenance in lockdown

The compensation to Fraport for Frankfurt Airport will have a positive impact on maintaining operations and boosting its equity position.

German airport operator Fraport is set to receive approximately $189.8m (€160m) as compensation for maintaining operational readiness at Frankfurt Airport (FRA) during the first Covid-19 lockdown last year.

The compensation to be received from the German and State of Hesse governments will cover the costs that were incurred to maintain the airport operations during the pandemic.

Fraport stated that the compensation will have a positive impact on the operating result (EBITDA) and strengthen its equity position.

Earlier this year, the German federal and state governments decided to support airports in the country, which were severely affected by the Covid-19 pandemic.

Fraport executive board chairman Dr Stefan Schulte said: “We are still undergoing the greatest crisis in modern aviation, resulting in significant losses. During the first Covid-19 lockdown, we kept Frankfurt Airport continuously open for repatriation flights and vital cargo traffic, even though a temporary closure would have made more sense economically at that time.

“This compensation that we will receive from the German and Hesse governments is a clear sign of support for maintaining airport operational infrastructure during an unprecedented crisis.

Content from our partners
The field guide to safer roads and runways
Preventing FOD: Top measures for keeping airport operating areas safe and fully operational

“The payment also strongly contributes further to stabilising Fraport’s financial situation. This is also supported by the noticeable increase in demand that we are currently experiencing in Frankfurt.”

Last month, the company’s subsidiary Fraport Slovenija inaugurated a new passenger terminal at Ljubljana Airport (LJU) in Slovenia.

Fraport invested around €21m in the new 10,000m² terminal, which has been developed to provide increased services.

With more space and comfort, the new facility has doubled the airport’s terminal capacity to handle more than 1,200 passengers an hour.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The airport industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU