The European travel giant will return credit lines worth around €700 million euros on Friday (1 April), reducing available liquidity from €4.1 billion to €3.4 billion.

A significant portion is tied up in a revolving credit facility provided by Germany’s state-owned investment and development bank KfW, which ran to €414 million.

"This ‘rescue umbrella’ was important during the pandemic and the associated massive restrictions on our business," said Tui. "Now is the right time to reduce the first credit lines."

Tui Group chief executive Fritz Joussen said the provision of temporary aid, even to a "very healthy" company like Tui, was "important and right" after Covid "almost completely deprived" the firm of its ability to generate new revenue.

"Thanks to the credit lines from the German federal government and from the private banks and the contribution of our shareholders, we have steered Tui safely through its most serious crisis," said Joussen.

"We are on course and the trends are intact. People want to travel, we see the demand in bookings and expect a good summer 2022. The company is leaner, more digital and more efficient after the pandemic and transformation."

Joussen added Tui had stopped using cash from state credit lines in recent weeks, stressing the process of returning the support was "another important step towards normality" that would "refocus Tui for growth".