The Balearic Government has announced a €160.75 million-euro package to mitigate the effects of the war in the Middle East. This is in addition to the estimated 40 million euros for the Balearics from tax measures approved on Thursday by Spain's Congress.
The largest chunk of this aid, 75 million euros, will be liquidity and financing for businesses and the self-employed. This will be available in the form of loans through ISBA, a non-profit financial institution operated by the government and which enables financing 'under very advantageous conditions', to quote its website.
Direct aid will go to agriculture, livestock and fishing (€13.5 million); to the transport sector (€9.75 million); and to companies in the industrial, commercial, and construction sectors (another €13.5 million). Farmers and fishermen will receive subsidies for the increased cost of diesel, fertilisers and animal feed. There will also be vouchers for purchasing local products, as there will be for other businesses. The aid for transport will cover coach operators, distributors, hauliers and taxis.
Two million euros will go on offsetting the costs of variable-rate loans and mortgages, while there will also be two million euros to cover reductions in charges by the regional PortsIB authority. 45 million euros will be for amendment of budgets for public works projects. The construction sector was calling for this before the conflict in the Middle East broke out because of the increased prices of materials.
In addition, the government intends moving further with a plan to streamline and simplify administrative procedures. This will introduce regulatory changes and activate temporary programmes to bring in additional staff in order to reduce the time taken for processing the likes of building licences.