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New Berlin airport 'needs €1.1-billion bailout'
Photo: DPA

New Berlin airport 'needs €1.1-billion bailout'

Published: 08 Apr 2014 10:55 GMT+02:00
Updated: 08 Apr 2014 10:55 GMT+02:00

The airport's boss has told the project's supervisory committee that it will need a bailout from the state of around €1.1 billion, according to information given to Berlin's BZ newspaper.

Initial costs for the entire airport were estimated at €1.2 billion. But the current cost stands at around €4.7 billion.

If the committee gives the new cash injection the go-ahead this will rise to €5.8 billion. It is not the first payout from the state, after authorities green-lighted a €1.2 billion package in December 2012.

States Berlin and Brandenburg will each stump up 37 percent – €407 million – of the payout from their taxes. Then €286 million – 26 percent – will be taken from Germany's central coffer.

Final permission has to come from the EU commission, though. A decision is expected early next week, BZ reported.

The airport was set for a fanfare opening in June 2012 with posters dotted around the capital announcing the opening date, and international airlines including it in their schedules. But just weeks beforehand, the excruciatingly embarrassing announcement was made that this would not be feasible.

SEE ALSO: New Berlin airport 'four-percent ready'

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