Airbnb has announced it will pay USD$250 million (NZ$415 million) to hosts around the world to help cover the cost of Covid-19 cancellations.

It has also extended its Extenuating Circumstances cancellation policy for guests to include reservations that begin anytime on or before May 31, if booked before March 14. Previously, it only applied to reservations up until April 14.

The home-sharing website has over seven million accommodations and 40,000 experiences, powered by local hosts.

Airbnb co-founder Brian Chesky made the announcement today, along with details of a $16.5m dollar Superhost Relief Fund.

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