By Pierre Bertrand

Ryanair Holdings's appeal challenging Spain's nearly $11 billion state-funded pandemic-era solvency scheme was dismissed by the Court of Justice of the European Union.

The court upheld the EU-backed measure, which ran until the end of June 2021 and assured 10 billion euros ($10.87 billion) to so-called non-financial strategic Spanish undertakings affected by Covid-19 era disruptions.

The court ruled the aid scheme didn't breach EU rules and that it was proportionate. It added that Ryanair failed to prove the Spanish measure was an obstacle and restrictive beyond acceptable levels.

The Irish low-cost airline had a previous challenge on Spain's measure dismissed in May 2021. It was one of several it lodged with varying degrees of success against pandemic-era funding propping up Europe's airlines.

Write to Pierre Bertrand at

(END) Dow Jones Newswires

06-06-24 0728ET