The Dutch government has said it will throw national carrier KLM a 3.4 billion euro (£3 billion) lifeline to help the airline survive the aviation slump caused by the coronavirus pandemic. Finance minister Wopke Hoekstra said the support package is made up of a one billion euro (£903 million) loan and 2.4 billion euro (£2.1 billion) in guarantees for bank loans. Mr Hoekstra said that the cost-cutting order means that job losses at the carrier, which employs some 30,000 people, are “likely unavoidable”. The French government has pledged seven billion euro (£6.3 billion) in loans and loan guarantees to the carrier. The Dutch government said that the package must be approved by the European Commission.

Source: Irish Independent June 26, 2020 07:30 UTC