COVID-19: Monaco to reduce royal household spending by 40 per cent
Monaco will reduce spending on the royal household by 40 percent to cope with the coronavirus fallout in the principality on the French Riviera, the palace said on Wednesday.
“The gravity of the situation demands rigorous financial management… that leads to an overall reduction in state expenses,” the palace said in a statement.
As a result, the allocation for the royal living expenses will fall to eight million euros ($8.7 million) from 13.2 million euros before the crisis.
Head of state Prince Albert II tested positive for COVID-19 last month, though he came out of quarantine on March 31.
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Monaco has been battered by a wave of event cancellations including the Formula One Grand Prix, a glittering fixture on the world motorsport calendar that was supposed to be held on May 24.
And with no high-spending tourists in its luxury boutiques or playing the tables at the Monte-Carlo or other casinos, tax revenues have plummetted.
Lawmakers this week approved a new annual budget with more than 300 million euros of additional spending to cushion the blow, including a minimum monthly allocation of 1,800 euros for self-employed workers now without jobs during the lockdown, set to last until May 3.