The German government will help Thomas Cook's customers

The German federal government will provide hundreds of millions of euros to those who have suffered losses. Customers who have purchased travel or vacations w

The German government will help Thomas Cook's customers

The German federal government will provide hundreds of millions of euros to those who have suffered losses.

Customers who have purchased travel or vacations with the German subsidiary of the bankrupt british tour operator Thomas Cook will only get a part of their receivables back through insurance.

But the German government promises, according to the dpa to help.

Preliminary figures show, that there shall be paid compensation of around 287,4 million (around eur 2.15 billion dollars), which is far more than the total sum insured.

It is at 110 million euros (about 822 million). It informs the Zurich insurance group on Wednesday.

Out of the 110 million euro is more than half spent on getting stranded tourists and travelers return home after rejsegigantens collapse.

Out of the 150,000 passengers who was stranded in the wake of Thomas Cook's collapse, has only 60 percent got their purchases refunded within the company's established 60-day time frame, writes The Guardian.

But the German government will provide financial assistance to those affected.

- Damage that cannot be replaced by other parties, will be paid by the federal government, according to a statement from chancellor Angela Merkel's office. The statement was read Wednesday at the German tv-station ARD.

It means that the federal government will give hundreds of millions of euros to those who have suffered loss.

A number of experts say to the German news channel NTV, that the total loss of the customers is around 500 million euros (over 3,7 billion dollars).

This means that there potentially is a large grey area, as legal experts now are examining.

- It is not reasonable to expect that the customers themselves must cope with these difficult legal issues, states the declaration from the government, which will inform the new in case in the beginning of the new year.

/ritzau/dpa

Updated Date: 11 December 2019, 20:00

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