The European Commission's building in Brussels – Photo: wikipedia

EC clears EUR 1.14 billion support scheme for Hungarian companies

The European Commission on Tuesday said it approved a 1.14 billion euro Hungarian scheme to support companies that have been negatively impacted by the war in Ukraine and sanctions against Russia.

The aid, which will take the form of direct grants, tax reductions, equity and loans, is limited to 400,000 euros per company in non-farm sectors and must be granted by the end of 2022. The aid is available to all companies, regardless of size or sector, with the exception of the financial sector.

The EC concluded that the scheme is “necessary, appropriate and proportionate” to remedy a serious disturbance in Hungary’s economy.

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