Estonia is ready to create a new airline should the European Union rule its existing flag carrier, Estonian Air, illegally received €40.7 million ($46 million) of state aid in 2013. The European Commission (EC) is expected to release its report soon. If the EC determines the funding was illegal under EU rules, Estonian Air may have to repay the monies it received, which could put it out of business, according to several media reports. The carrier is almost wholly state-owned. In ...

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