Support Scheme Announced for Large Events

In a bid to financially de-risk large summer events from the effects of COVID-19, the Government has announced a new large events support scheme.

The new scheme called the Events Transition Support Scheme will see the Government underwrite upfront costs of events that can’t be recovered in the event of cancellation. The scheme will go live this week.

The Government has been under pressure to help large scale events, riven by uncertainty around where events are able to go ahead in the current climate of COVID-induced uncertainty.

“Big summer events are crucial for our economic and social wellbeing. We are in a unique period of transition from the Alert Level system to the new Protection Framework which relies on 90 per cent vaccination rates. An immediate solution is needed this summer,” Minister for Economic and Regional Development Stuart Nash said in a statement.

Under the scheme, the Government will underwrite 90 percent of “unrecoverable costs” for paid, ticketed events for over 5000 people.

“Organisers of large-scale summer festivals have to make decisions now about whether to proceed as their risk window is closing. There aren’t insurance options in the market to cover this so the government is stepping up as a type of underwriter,” Nash said.

The scheme will pay out for any events operating under Alert Level 2 or higher or under the new traffic light scheme any events in an area under the new ‘Red level’, or in a localised lockdown. At least 50 percent of the tickets will have had to be sold in order to qualify.