The Commission approved the state-guaranteed loan from the German development bank KfW after a "quick and constructive procedure," the Ministry said.
Condor was "operationally healthy and profitable in normal times and has good future prospects," German Minister for Economic Affairs Peter Altmaier said in a statement.
After the bankruptcy of its then parent company Thomas Cook at the end of September last year, Condor had already received a bridging loan from the German government of 380 million euros.
Two weeks ago, the Polish aviation group PGL canceled its takeover bid of Condor, which had been announced in January. The renewed financial support for Condor had also become necessary because of the coronavirus crisis, according to the Ministry.
Condor announced on Monday that the loan was made up of 294 million euros from Germany's coronavirus state aid and an additional 256 million euros to fully refinance the existing bridging loan that Condor had received after the insolvency of Thomas Cook.
Due to worldwide travel restrictions because of the coronavirus, Condor has been unable to fly passengers to their holiday destinations in recent weeks but has instead flown medical equipment, according to the German airline.
Condor has also repatriated more than 78,000 Germans in close cooperation with Germany's Foreign Office as well as private tour operators and cruise lines, the company said.
Since mid-March, German companies can apply for funds from a special government credit program, which is intended to help them maintain their liquidity and avoid insolvencies.
To date, almost 20,000 German companies have applied for state aid worth more than 30 billion euros with the KfW. (1 euro = 1.085 U.S. dollars)
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