TAP: The Return for the Portuguese Economy

TAP will return more than 10 billion euros to the Portuguese economy by 2030, compared to a hypothetical scenario in which the public aid had not been granted.

Find out here (PDF, 187KB, PT) the cost-benefit analysis of two alternative scenarios, which have been publicly discussed, given that a large amount of aid until 2024, a direct investment by the Portuguese State through taxpayer resources and also through other mechanisms, such as loans with State guarantees; saving TAP or "dropping" TAP.

In summary

The objective analysis that uses 2019 as a reference, the last year without the effects of the pandemic, leaves no room for doubt:

Portuguese economy

Saving TAP returns to the Portuguese economy, between 2021 and 2030, an amount that could be between EUR 10 and 12 billion, due either to tourism, job maintenance and creation (direct and indirect), or to the remaining economic activity in general that will be created. This represents between 2.7 and 3.5 times the total potential value of the aid until 2024.

Public finances

Saving TAP also has a positive impact on public finances. Between EUR 4.3 and 4.7 billion, as a result of the tax revenue generated from TAP's activity (including in tourism), of expenses that would be incurred in case of liquidation and that are therefore avoided. This value represents between 1.2 and 1.4 times the total potential value of the aid until 2024 and, in addition to this value, the potential sale (partial, for example) of the Portuguese State's stake in TAP may still be considered.

Therefore, it is important to acknowledge the return for the Portuguese economy and for public finances that may result from the investment that is already being made by the Portuguese, and which will continue to be made until 2024, as foreseen in the Restructuring Plan submitted to the European Commission.

The Board of Directors

Believes that the figures are impressive and point clearly to the relevance, in terms of return over 10 years, of maintaining TAP in operation, ensuring territorial continuity in Portugal and connecting our country to the world.

They therefore hope to contribute towards clarifying the debate on TAP's role in our society and its contribution to creating value for the country.

A TAP that, given its past, and once the Restructuring Plan period is over, will have to be able to stand on its own feet, be sustainable and generate the value referred to for the Portuguese, as a result of the investment being made.

"This is what we believe; this is what the Restructuring Plan was outlined for, hoping that it can be approved soon by the European Commission; and this is what all of us at TAP have been, and will continue, to work tirelessly for."

The Board of Directors ends its message with a thank you to all those who have contributed to keeping TAP in operation; to all those who work in the TAP Group, the partners, the customers and all the Portuguese people.