Incheon Airport to Provide Annual 50 Billion KRW Incentives for Early Recovery of Air Travel Demand

[Asia Economy Reporter Yoo Je-hoon] Incheon International Airport Corporation announced on the 17th that it will implement a new incentive system worth 50 billion KRW annually in the passenger and cargo sectors to support the aviation industry struggling due to the spread of the novel coronavirus infection (COVID-19) and to facilitate early recovery of air travel demand.

In this regard, on the 15th, Incheon Airport Corporation held a meeting with seven domestic airlines at the Grand Hyatt Incheon in Jung-gu, Incheon, where it introduced the new incentive system and shared future cooperation plans. About 30 people, including Lee Hee-jung, Head of Future Business Division at Incheon Airport Corporation, and executives in charge from the seven airlines, attended the meeting.

The new incentive system for the passenger sector extends landing fee support for newly launched airlines and routes by one year, up to a maximum of two years. Additionally, to activate late-night hours, landing fees for all flights arriving and departing during late-night hours will be supported up to 100%.

Furthermore, to promote early recovery of the sharply decreased passenger and flight demand due to COVID-19, an annual passenger incentive system worth approximately 40 billion KRW will be implemented, providing 10,000 KRW per recovered passenger and 100% support for the increased landing fees resulting from flight recovery.

In the cargo sector, incentives for increased flights and late-night operations will be expanded, and existing systems will be reorganized and expanded to attract increased cargo volume and new growth cargo. In addition, cargo incentives worth about 10 billion KRW annually will be provided, including landing fee reductions for cargo aircraft.

Separately, Incheon Airport Corporation will provide incentives totaling 17.8 billion KRW for last year's aviation performance to support the liquidity flow of airlines struggling due to COVID-19.

Incheon Airport Corporation President Koo Bon-hwan said, “As the gateway of the Republic of Korea and the frontline of national quarantine, Incheon Airport Corporation is making every effort to prevent the spread of COVID-19 while doing its best to support the airport industry ecosystem and facilitate early recovery of air travel demand.”

This content was produced with the assistance of AI translation services.