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Finland’s guarantee fund ‘doesn’t meet industry’s needs’

The Finnish government is finalising an insurance scheme that would exclude large swathes of the sector, says the Event Industry Association

By IQ on 30 Mar 2021

Finnish festival Sideways

Finland's Sideways festival

image © Sari Soininen/Sideways 2019

The Finnish government has proposed an event guarantee fund that would “put players in the sector in a highly unequal position”, according to the Event Industry Association (Tapahtumateollisuus).

The proposal, prepared by the Finnish Ministry of Employment and the Economy and submitted for comments on Monday (29 March), has been designed to reimburse a portion of the production costs for large-scale events and festivals should they be cancelled or restricted due to official regulations.

However, the association says the proposed guarantee scheme “unjustifiably” excludes a large part of the event industry, such as year-round events, professional sports and theatre.

In addition, the proposed guarantee support would only cover events during the summer season, up until 30 September. The association says the time limit does not take into account the time span of planning provisions in the event industry, nor would it cover “one of the most active operating periods in the industry”.

“In the proposed form, guarantee support would completely exclude a large part of the events industry”

The association adds that summer events have a “rather narrow employment impact on the industry as a whole”.

“It is good that the need for transaction support has finally been identified. However, it must also act on its purpose. Therefore, the support model must be corrected before the decision of parliament, because in the proposed form, guarantee support would completely exclude a large part of the events industry,” says Pekka Timonen, chairman of the Event Industry Association.

“A guarantee covering only the summer should have been provided for in January at the latest. We also require security from the guarantee to secure the events of the autumn season. Many trade fairs and corporate events as well as entertainment and seminar events are held in the autumn and early winter. They must be covered by comprehensive guarantee support,” adds Timonen.

In the northern hemisphere, other insurance schemes have been announced in Germany (€2.5bn), Austria (€300m), the Netherlands (€300m), Belgium (€60m), Norway (€34m) Denmark (DKK 500m) and Estonia (€6m).


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