The German boradcaster NTV described how certain “corona-burdens on royal finances” will change the way “the Queen has to make use of her financial reserves”. The Royal Family’s finances have “dropped significantly” due to the coronavirus pandemic as royal residences were forced to close to tourists. But German media site said: “Despite the Corona crisis, the royals’ financial prospects are rosy.
“The sale of lucrative wind farm rights off the British coast could multiply their income in the coming years.
“Several energy companies, including the German groups RWE and EnBW, have secured space for themselves for high option fees.
“The ocean floor in the twelve-mile zone is owned by the royal family and managed by the Crown Estate.
“This could potentially mean they could make up to £ 220million with this in the coming years per year.”
The report on the Sovereign Grant was released last week and revealed Palace’s income (outside of the Governments funding) shrunk to £9.4million during 2020/2021, a 53 percent drop from £20.2million 2019/2020.
The Royal Family’s official expenditure in 2020 to 2021 amounted to £87.5million.
Treasurer to the Queen Sir Michael Stevens said: “While the report highlights another busy year, it fails to give an accurate picture of the financial challenges we now face over the next few years brought about by Covid-19.”
“Although Covid-19 has temporarily changed the…