Inside Bulgaria's Easter Celebrations: Traditions Passed Through Generations
Today marks the joyous celebration of Easter, one of the most significant holidays in the Orthodox Christian calendar.
Financial grants compensating for part of the lost revenues would greatly support the Bulgarian airline industry. Airlines are in dire need of additional support, Svetoslav Stanulov, Chairman of the Management Board of the Association of Bulgarian Aviation Companies, told BNR. The association‘s members are about 80% of the Bulgarian companies and maintenance bases.
European airlines' revenues compared to last year were down by about 73%. For Bulgarian airlines, revenues from scheduled flights decreased by about 65%.
"Charter carriers revenues have dropped overwhelmingly. On an annual basis, maybe by 85-90%. They do not have any flights in the last 4-5 months. Zero," Stanlov pointed out, clarifying that this does not allow companies to cover their routine costs.
"All financial reserves have already been used. Airlines have additional specific costs that cannot be saved," Stanlov said.
Bulgarian airlines employ about 4,000–4,500 people. So far, very small proportion of them have been made redundant because they are highly qualified staff.
"The high costs are related to the maintenance of machines operational condition. Airlines pay for parking, for maintenance, which is mandatory even when planes are on the ground. In addition, they pay 40% of the salaries under the 60/40 measure plus the cost of pilots training," Stanulov added.
"It is very possible that mass bankruptcies will start", warned Svetoslav Stanlov. In his words, it is no coincidence that there are financial grants in Europe and the US. "As an example, 20-30% of the decreased revenues are subsidized by the state. We don't hope for it anymore, but without such help it's extremely difficult for all of us to cope at the moment," the expert said.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
Artificial intelligence is changing the world’s economic and political landscapes, pushing every country to increase their AI investments.
Passengers can now book tickets for attractions, museums, tours, sports matches, live events and theater performances through the Wizz Air website and app
It's that time of year when the sun rises earlier, the days are warmer, and the desire for rest and adventure calls more and more often
The Kozloduy Nuclear Power Plant (NPP) in Bulgaria is set to embark on a significant transition as it begins the process of replacing Russian nuclear fuel with American fuel from Westinghouse
In a significant stride towards enhancing connectivity between Turkey and Bulgaria, the launch of direct flights between Istanbul and Sofia marks a milestone in air travel
As the clock ticks down to midnight tonight, Bulgarians are reminded that April 30th marks the final day for filing their 2023 personal income tax returns
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022