Budget committees approve financial rescue plan for Meyer Werft shipyard in Papenburg

Both the budget committees of the German Bundestag and the Lower Saxony State Parliament have approved financial measures to rescue Meyer Werft. As a result, funding will begin to flow to save the shipyard in Papenburg, which has encountered severe financial difficulties. The news was reported by the public broadcaster NDR, with similar coverage by Turun Sanomat in Finland.

A significant majority of the budget committee members in the German Bundestag voted in favor of financial assistance for Meyer Werft on Friday, excluding the far-right AfD party. Key state decision-makers also issued a supportive statement for the financial aid on the same day, according to NDR.

The final barriers to the rescue plan have now been removed, with the federal and Lower Saxony state governments set to jointly provide 400 million euros to support the Papenburg shipyard. Additionally, the federal and state authorities will guarantee 80 percent of the shipyard’s 2.6 billion euro credit line. The rescue plan includes a restructuring program aimed at making the shipyard profitable again in the near future, and the government’s involvement is intended to be temporary.

Previously, it was reported that the Meyer shipbuilding family could potentially buy back the company’s German shipbuilding operations in 2027. Meyer Werft also owns shipyards in Rostock and Turku, the latter of which announced a new major order in August.