Finance minister Michael McGrath turned up for the launch of Waterford airport’s runway extension proposal last week, but there are many hurdles to be cleared before the concrete is laid on the new project.
Unusually for such a high profile event involving a high profile minster, the business plan is still awaited. And the cost, €26m looks low for what is effectively a new runway.
The newly announced private investment totalling €12m for the long-awaited extension of Waterford Airport’s runway is going to be more than doubled by central and local government support in the coming months.
The commitment announced in Waterford City Hall by Comer Group International and the Bolster Group will need to be matched by at least a further €12m in State funds, with local authorities in Waterford, Kilkenny, and Wexford also set to provide €2m.
The Airport Board, consisting of three councils, businessman William Bolster, and the Comer Group, will present its business case to the cabinet next week.
If approved, a shareholder meeting will be held to officially begin the project, with the goal of resuming commercial flights to London by the end of 2024. Waterford has not had scheduled commercial flights since 2016.
Finance Minister Michael McGrath believes that extending the runway would make the South East region more appealing to both leisure and business travelers from abroad, as well as make international travel more convenient for local residents.
The previous government agreed to match funding for the runway project at a lower level of €5m once private investment was secured. The project involves extending the runway by 491m and 363m at its northern and southern ends respectively, making it 2,287m long and 45m wide to accommodate larger aircraft like the A320.
