Berlin to invest 290 million euros in reinventing the local cultural sector after COVID-19

Authorities have said that for the first time the handicraft and the freelance sectors will also be able to take advantage of the funds

Today, authorities in Berlin announced the launch of a new investment programme called ‘Restart Economy’ aimed at funding small and medium-sized businesses in the tourism and cultural sectors. The programme is part of the red-green-red coalition’s first 100 days in office and was developed with Berlin state representatives and key actors from local industry.

‘Restart Economy’ is aimed at the sectors that were hit the hardest by the COVID-19 pandemic and will provide 290 million euros in the form of investment for businesses and 40 million euros as grants for artists. The idea behind the programme, separating it from similar initiatives in the past two years is that it will not focus on cushioning the blow from lost revenue, instead opting to fund growth.

What makes the initiative really stand out though, is the fact that it will be aimed primarily at small and medium-sized businesses, as well as the handicraft sector and freelance artists.

A fresh start for Berlin’s tourist sector

According to a statement by the city, the programme wants to affect the tourism industry, restaurants, the events and the creative sectors. It bundles more than 30 tailor-made measures aiming to boost business and rebuild Berlin as a tourist destination, and as a space for congresses.

The heart of the measure is represented by a 140 million-euro fund put up by the state and another 150 million-euro innovation promotion fund.

At the same time, emergency aid for cultural workers will be replaced with Perspektive Kultur as soon as the summer of 2022. While, previously, aid initiatives in the cultural sectors were aimed at securing survival, this one will be geared towards giving artists a fresh start. It wants to reinvigorate the cultural sector and help it to win back audiences.