Canary Islands Government Approves €2.37 Million Subsidy for Teleférico del Pico de Teide

Details of the Subsidy

• The Canary Islands government has officially approved a €2.37 million direct subsidy to Teleférico del Pico de Teide, a key tourism attraction.
• This aid stems from the COVID-19 support measures launched under a series of legal decrees aimed at helping businesses facing economic hardship during the pandemic.

Funding and Target Sectors

• The subsidy, part of a broader national effort funded by Spain, targets sectors most affected by COVID-19, with special emphasis on tourism-related companies like Teleférico del Pico de Teide.
• The grant was granted after the company submitted its application in July 2021 and has now been confirmed through a court ruling that annulled an earlier rejection.

Use and Conditions of the Funds

• This is one of the largest aid disbursements in the region for small and medium-sized enterprises impacted by the pandemic.
• The company must now use the funds to:
  • Maintain its activity
  • Meet specific legal and financial obligations, including audits and activity retention, to ensure transparency and proper use of the aid.

Significance and Government Commitment

"The decision underscores the government’s commitment to sustaining economic activity and protecting jobs in the tourism sector, which is crucial for the Canary Islands’ economy."

• The aid reflects ongoing legal and administrative processes to allocate pandemic relief transparently and efficiently during this recovery phase.