The chronically teetering and oft
rescued Italian flagship airline Alitalia has cost public
coffers and the community at large an estimated 7.4 billion
euros over the last four decades, merchant bank Mediobanca said
Monday.
The estimate calculated by research centre Mediobanca Mbres
includes direct public and collective costs from 1974 to 2014.
The burden to the public rose significantly after 2007,
when management was taken over by a state-appointed commission
save the company from closure.
The cost of propping up the airline from 1974 to 2007
amounted to 3.3 billion euros in 2014 values, compared to 4.1
billion euros under a commission management through June 2014.
The study considers payments made to recapitalize the
company, guarantees given to cover the debt, and sundry
contributions, including European funds and other residual
payments.
Recapitalization operations were "particularly intense"
from second half of the 1990s onward.
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