Lufthansa has confirmed it will cancel its 60th anniversary celebrations, originally planned for next month.

In a statement earlier the airline said live coverage of the memorial service at the Cologne Cathedral in memory of the victims of flight 4U 95245 would be broadcast instead.

That event will take place on the April 17th.

In a statement the airline said: “Out of respect for the crash victims of flight 4U9525 Lufthansa is cancelling the originally planned festivities for the 60th anniversary of the company, which was planned for April 15th.

“Instead of the originally planned anniversary event, Lufthansa will provide a live broadcast for its employees, of the official state ceremony in the Cologne Cathedral on the April 17th, where the bereaved families and friends will gather to remember the victims.”

At the same time the German flag-carrier, operator of the Germanwings flight which came down in southern France last week with the loss of 150 lives, said it would allocate an additional $300m to cover possible costs.

Lufthansa said the money would cover “all costs arising in connection with the case”.

The funds are separate from the $54,250 available to the relatives of each passenger to cover short-term expenses.

Under EU law, airlines are obliged to compensate relatives for proven damages of up to a limit of about $157,000 - regardless of what caused the crash.

However, higher compensation is possible if an airline is held liable.