Germany has paid €10 billion more in aid than in needed to

GERMANY has paid an estimated € 10 billion more in aid to companies affected by the restrictions due to the covid-19 pandemic than it needed to.

Compensation given to companies, which includes up to 75 per cent of losses compared to what they invoiced in November 2019, ended up, in several cases, being higher than the revenues that they would have been generated, according to the accounts of the daily Die Welt, which cites data from the German Institute of Economics (IW).

This situation is especially evident in the catering sector which has been at a standstill since November 2 in Germany and is not expected to reopen before January.

The newspaper’s estimates are based on the IW’s calculations, according to which the compensation given is not realistic regarding what was really lost, since the costs that the companies would have had if they had remained open were not properly considered.

Germany has surpassed 16,000 covid-19 deaths since the start of the pandemic, although there has been a downward trend regarding new infections, according to data from the Robert Koch Institute (RKI).

Chancellor Angela Merkel and regional leaders have agreed to extend current measures to the end of January.

This means that bars and restaurants will remain closed, as will gyms, museums, cinemas or concert halls.

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