How large is the compensation?

The amount of compensation for the event guarantee depends on the actual and pre-announced reasonable expenses of the event. If the event has to be cancelled due to a decision by the authorities or the law, 85 per cent of the pre-announced actual expenses will be reimbursed. From the actual expenses reported by the subcontractor, the payments it has received will be deducted.

If the event has to be organized smaller than intended, the compensation is calculated by subtracting the actual revenue from the actual costs and multiplying the result by 0,85.

The event guarantee is part of the EU’s framework aid scheme, so the conditions of the framework aid scheme apply to the payment of compensation. The maximum amount of compensation per company is EUR 1,800,000. In addition, any insurance claims that compensate for the costs of the cancelled event, and the grant granted by the Ministry of Education and Culture for the same event will be deducted from the compensation amount.

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