Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ryanair Challenge to Finnair State Aid Dismissed By EU Court

Published 22/06/2022, 12:02
Updated 22/06/2022, 12:02
©  Reuters

© Reuters

By Scott Kanowsky 

Investing.com -- Europe's second-highest court has dismissed a legal challenge brought by Ryanair (IR:RYA) (NASDAQ:RYAAY) against the EU over millions of euros in state aid provided to rival Finnair (HE:FIA1S).

The European Commission had ruled in March 2021 that €351.38M in support from Finland to Finnair was in line with its rules over state aid, citing damage suffered by the aviation sector during the pandemic. Ryanair asked for this decision to be reversed, arguing that EU regulators should have investigated the aid before it was granted.

But the Luxembourg-based General Court found that such an investigation was not necessary. It added that Ryanair did not provide "conclusive" evidence that the support gave Finnair an outsized advantage over its competitors.

"Since the measure at issue seeks as far as possible to maintain the entirety of Finnair’s operations and does not target particular routes, the Commission could examine the presence of a competitive constraint on that airline at the airports where it held slots," the General Court wrote.

Wednesday's judgment marks a setback in Ryanair's legal campaign against EU state aid given to ailing airlines. The low-cost carrier has filed more than 30 lawsuits over the matter.

Ryanair did not immediately respond to a request for comment.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.