An amendment to the 2026 Finance Bill allows the French government to waive all or part of its debts owed by Air France-KLM (or Air France) up to a maximum of €727.8 million. This has reignited the debate on public support for air transport, even though the budget bill has not yet been definitively adopted.
Summary
What exactly does the amendment say?
The parliamentary document specifies that the authorization concerns claims related to deeply subordinated bonds issued by Air France-KLM and subscribed to by the State in 2023, for a total of €727.8 million in principal. The decisions to waive these claims would be made by decree.
The link with the European “Covid” framework
The parliamentary text links this measure to the implementation of a European Commission decision (reference SA.104957) concerning compensation for damages related to the Covid-19 crisis. In particular, the Commission communicated in 2023 on a French measure aimed at compensating Air France for damages suffered during the pandemic.
What this changes (or doesn't change) for tourism professionals
For tourism stakeholders, the issue is less political than practical: a reduction in certain public debts can help secure the financial stability of an airline group, and therefore its ability to invest, maintain flight frequencies, and stabilize part of its network. This does not automatically mean lower prices or an immediate increase in capacity, but the matter is worth monitoring because it affects the financial health of a key distribution partner.
One point to remember about the calendar
At this stage, this provision is included in the 2026 Finance Bill and is therefore subject to the parliamentary process. Until the Finance Act is definitively adopted and the implementing measures are taken, the measure remains at the legislative stage.
Updates
Last updated: January 14, 2026, based on information from parliamentary documents and communications from the European Commission.
Sources
https://www.assemblee-nationale.fr/dyn/17/amendements/1906C/AN/3592.pdf
https://ec.europa.eu/commission/presscorner/detail/fr/IP_23_846
https://www.economie.gouv.fr/files/2023-10/REA23_RA_vf.pdf
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