Canary Islands' Tourism Resilience Grant Program

Overview

• The program is financed by European Union funds through Spain's Next Generation EU initiative.
• The program has reached its budget limit.
• Despite an additional 2.5 million euros approved this June, the available funds for supporting tourism projects in the islands are now exhausted.

Implications

• All eligible applications received under the original 2024 call will be officially declined due to lack of remaining budget.
• The decision follows the strict rules that allocate funds in order of arrival.
• When the allocated budget runs out, no further grants can be approved.

Objectives and Regulatory Changes

• The grants aim to help modernize and bolster the island’s tourism sector as part of Spain's recovery and resilience strategy.
• Recent adjustments to regulations include:
  • Extended timelines for some procedures.
  • Shifts in funding rules.
• These highlight ongoing efforts to adapt to the economic challenges faced by the tourism industry.

Future Outlook

• Residents and businesses involved in tourism should stay alert for future funding rounds.
• Authorities are likely to announce new calls once additional funds become available.

Summary

This development underscores the challenges of managing limited EU resources in the context of major recovery programs and the importance of timing for eligible projects.