To help restart the trade fair sector, the German government is providing cover of up to EUR 600 million for corona disruptions to major events
BERLIN, Oct. 25, 2021 /PRNewswire/ -- Slowly but surely, live trade fairs are returning to Germany after coronavirus pandemic restrictions forced nearly the entire sector online. To bolster the recovery by helping organizers manage risks, Germany's national and regional governments have instituted an insurance program that would compensate for cancellations.
As of today, trade fairs can apply for up to EUR 600 million in cover. German Minister for Economic Affairs and Energy Peter Altmaier says, "Particularly right now, the cancellation insurance is an important instrument in strengthening the trade fair sector."
Germany has traditionally been one of the world's leading destinations for trade fairs, attracting some 10 million visitors to major annual events that include the IAA, the Hanover Trade Fair and the Medica. 75 percent of fairs scheduled to take place from March 2020 to the end of last year had to be cancelled, at a cost of EUR 42 billion.
At present, live fairs are permitted in all 16 of Germany's regional states, with more than 110 events planned for the end of the year in accordance with strict hygiene procedures.
"We are delighted that the sector has reopened for business after an incredibly challenging year," says Germany Trade & Invest (GTAI) Head of Investor Consulting, Achim Hartig. "Expos and trade fairs play a significant role in the national economy ? generating around EUR 14.5 billion in exhibitor and visitor revenue annually. All told, the overall effect on economic production is equivalent to EUR 28 billion. The resumption of activities ? in accordance with strict hygiene concepts ? is to be welcomed."
To further stimulate the sector, the German government has also allocated up to EUR 20 million in subsidies to help small and medium-sized businesses attend trade fairs.
Germany Trade & Invest (GTAI) is the economic promotion agency of the Federal Republic of Germany. GTAI supports German companies setting up in foreign markets, promotes Germany as a business location and assists foreign companies setting up shop in Germany.
Senior Manager, Communications
Germany Trade & Invest
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