The Estonian government has announced a €6m ‘risk fund’ for large-scale events
The Estonian government has announced a €42 million aid package for the cultural sector, which includes a €6m ‘risk fund’ for large-scale events.
The government’s decision comes after 355 organisations from across the sector submitted a joint proposal to the government, emphasising the impact culture has on the economy and the population’s mental health, and underscoring its need for financial support.
The supplementary budget includes €21m to help cultural events organisers (such as promoters) cover the costs of labour hired with contracts under the law of obligations, as well as other unavoidable costs.
The organisers of international cultural and sports events will also benefit from the separate €6m risk fund, designed to support large-scale events with a ‘significant economic impact’ in the event that they are affected by cancellations, postponements or restrictions.
The purpose of the risk fund is to encourage organisers to plan events in the second half of 2021 in order to restart the economy, yet provide confidence that their expenses will be covered in changing circumstances
The creation of a risk fund for large-scale events is forward-looking and encourages organisers to bring economically and imagologically important international events to Estonia – this is a significant signal for those outside of Estonia as well.