The group last week put off a decision on whether to accept the cash from the German government due to proposed EU conditions on the deal, which would have required the group to give up slots at two of its major hubs – Munich and Frankfurt.
However, the group’s supervisory board has since voted to accept the stabilisation package, accepting revised commitments to the EU Commission.
It is understood this will involve disposing of 24 takeoff and landing slots at Munich and Frankfurt as opposed to 72.
The measures will yet require the approval of Lufthansa’s shareholders, who will vote on the board’s recommendations at a meeting on 25 June, and competition authorities.
Karl-Ludwig Kley, chairman of Lufthansa Group’s supervisory board, said: "It was a very difficult decision. After intensive discussion, we have come to the conclusion to agree the executive board’s proposal.
"We recommend our shareholders follow this path, even if it requires them to make substantial contributions to stabilising their company. It must be clearly stated, however, that Lufthansa is facing a very difficult road ahead."
Cash committed to the stabilisation effort "are to be repaid as soon as possible subsequently" said Lufthansa in a statement confirming the decision, with the carrier adding: "It is already obvious today that international air traffic will not reach pre-crisis levels in the coming years."
Carsten Spohr, chair of the group’s executive board, added: "Stabilising Lufthansa is not an end in itself. Together with the German government, it must be our goal to defend our leading position in global aviation.
"The expected slow market recovery in global air traffic makes an adjustment of our capacities unavoidable. Among other things, we want to discuss with our collective bargaining and social partners how the impact of this development can be softened in the most socially acceptable way possible."
The carrier will enter into discussion with several unions to debate the impact of the rescue package.
