The German government announced it will now be offering coverage for trade fair cancellations in a bid to restart the sector after COVID restrictions forced the meetings to go virtual.
The new insurance program would allow trade fair organizers to apply for up to EUR 600 million in cover.
The German government has also allocated up to EUR 20 million in subsidies to help small and midsize businesses attend trade fairs.
At present, live trade fairs are permitted in all 16 of Germany’s regional states, with more than 110 events planned for the end of the year in accordance with strict hygiene procedures.
“We are delighted that the sector has reopened for business after an incredibly challenging year,” Achim Hartig, Germany Trade & Invest’s head of Investor Consulting, said in a statement. He noted that “expos and trade fairs play a significant role in the national economy—generating around EUR 14.5 billion in exhibitor and visitor revenue annually. All told, the overall effect on economic production is equivalent to EUR 28 billion. The resumption of activities—in accordance with strict hygiene concepts—is to be welcomed.”