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South Korea unveils additional support to airlines

South Korea’s government has unveiled additional measures to help the country’s airlines as they wrestle with the continuing impact of the Covid-19 pandemic on demand, the Ministry of Land, Infrastructure and Transport said in a statement. The government is also reportedly considering providing further financing to low-cost airlines of around KRW200 billion won (USD175 million).

One of the measures the ministry announced in the March 3 statement was to continue to provide a discount on airport usage fees until June, totalling KRW45.7 billion (USD40 million). In addition, “for fair competition between national airlines and foreign airlines,” it will review cuts in aircraft acquisition tax and property tax, “which have continuously been requested by the industry.”

Meanwhile, the confiscation of unused slots in 2021 will be postponed “so that airlines can quickly reimagine their business strategies for the post-coronavirus period.” In addition, slots at South Korean airports that non-Korean carriers are not using will be temporarily allocated to domestic flights operated by Korean airlines.

Normally, South Korea’s aviation laws require airlines to use 80% of their airport slots...

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