The Portuguese Minister of Infrastructure and Housing, Pedro Nuno Santos, claimed that the European Commission approved TAP’s restructuring aid to the sum of 3.2 billion euros.

At a press conference in Lisbon, with the Secretary of State for Treasury, Miguel Cruz, and the Deputy Secretary of State and for Communications, Hugo Santos Mendes, the Minister noted that the intervention with TAP will be done "in two formats: at the level of restructuring and at mitigating Covid-19".

Concerning restructuring, "1.2 billion euros have already been injected and we’re still missing a loan from private bodies with a State guarantee of 90% for 360 million euros, as well as a new 990-million-euro capital injection".

In addition to these 2.55 billion euros, an injection of 462 million euros was also authorised, according to European Commission rules, on the first half of 2020 and 107 million euros on the second half of 2020. "IF we add all these authorised sums up, we get to 3.119 billion euros and we’re still missing the mitigation money relating to the first half of 2021", he added.

Pedro Nuno Santos highlighted that the European Commission "thoroughly assessed every euro injected with the State aid and feels that these 3.2 billion euros are acceptable. As such, it feels that TAP is a viable company in the medium/long run and that these 3.2 meeting the strict European Commission rules".

The Minister also mentioned the commitments undertaken under the negotiations with the European Commission: offering up nine pairs of slots, which is "a small number given TAP’s dimension", accepting to sell or close down VEM Brasil, "which has been a significant burden on TAP’s accounts", ad focusing on the aviation business, selling the stakes in Cateringpor and Groundforce, something that will "only happen when we have the suitable offers, compatible with TAP’s interests and those of the country".

Pedro Nuno Santos also guaranteed that these commitments "do not cut back the business, the airline is capitalised and in a condition to operate and compete in a competitive market and continue to serve the Portuguese economy and Europe".