MUMBAI: The Austrian government is planning to pay out $4.5 million to film projects this year after ‘fast-tracking‘ the introduction of its production incentive.
The scheme, that is modelled on Germany‘s Federal Film Fund (DFFF), was announced by Austrian economics minster Reinhold Mitterlehner on 21 January.
It will launch in July, subject to approval from the European Commission, and will pay out a further $10.5 million in 2011 to 2012.
The Austrian film industry trade association FAFO estimates that between 20-30 films could be supported by the new fund.
Projects, including international co-productions, will need to spend at least 25 per cent of its production budget on Austrian film-related goods and services. This could be reduced to 20 per cent for large productions with budgets of $14 million for large productions with a budget.
The maximum support for a single project will amount to 25 per cent of the Austrian production costs or 15 per cent of the fund‘s annual budget.
It is understood that the international awards garnered by Michael Haneke‘s The White Ribbon and actor Christoph Waltz, for his role in Inglourious Basterds, prompted the Austrian government to ‘fast track‘ its plans.
