The German government anticipates no retaliation against German vacationers.
Germany's government is not anticipating a broad government intervention for German tourists stranded due to the collapse of travel firm FTI. This information come from the German Press Agency following a crisis meeting at the Foreign Office in Berlin.
According to the Foreign Office's website, FTI had insolvency coverage through the German Travel Guarantee Fund (DRS). As a result, customers who had made full payments or were making installments would receive reimbursement for their travel costs in the event of FTI's bankruptcy. This protection only applies to women and those booking package tours.
Industry insiders estimate around 65,000 travelers are currently abroad using FTI's services. The Foreign Office in Berlin shares that no significant intervention from the state is required, as most of FTI's business revolves around selling package tours, which are all insured by the DRS.
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- Despite the Federal Government not planning a broader intervention for German tourists affected by FTI's insolvency, there are discussions about a potential retrieval action to secure funds for the reimbursement of stranded travelers.
- The Federal Government has reassured that no significant intervention from the state is required for FTI's insolvency, given that most of its business deals involve package tours covered by the German Travel Guarantee Fund (FTI).
- In response to the collapse of FTI, the Federal Government is reviewing its role in ensuring the protection of tourist investments, as the situation has highlighted the importance of proper insurance coverage through entities like the FTI.
