Caution has been sounded over the Transport Minister's announcement yesterday (Tuesday) of agreement in principle to commit €5 million of capital funding to Waterford Airport.
The commitment has been given to match the funding pledge of €5m by private investors Glanbia, Coolmore Stud, Dawn Meats, Stafford Wholesale and Waterford Distillery. Construction and Aviation expertise has also been pledged from aviation expert Conor McCarthy and Noel Frisby.
Local authorities in Waterford, Kilkenny, and Wexford will also invest €2m of the €12m to revamp the airport, which has had no commercial flights since 2016.
Transport Minister Shane Ross said the money would be forthcoming only if the private investors do so first: "unless Waterford Airport receives this support, its future is highly uncertain".
Formal confirmation of the funding also depends on the airport being able to demonstrate that the project can be delivered for €12m.
Waterford Institute of Technology lecturer and economist Ray Griffin said he was not convinced by the latest funding model by Minister Ross.
"The south-east already had this agreement in principle to this matched funding three years ago in the programme for Government.
"Well over a year after private investors, supported by the region's councils put this proposal to Government, they continue to be an unreliable partner.
"We really have learned nothing today other than Donegal, Kerry and Knock, airports with massive Ministerial support have gotten money into their bank accounts.”
In a statement, Waterford Airport said work would commence immediately on progressing the runway extension and a planning application will be lodged for the extension of the northern end and the runway widening. Planning permission is already in place for extension of the southern end.
Dan Browne, chairman of Waterford Airport, said: “The extension of the runway at Waterford Airport is a game-changer for the future of Waterford Airport and the southeast region we serve. It represents a departure in regional aviation in Ireland with the private sector and local authorities acting in partnership to bring a new commercial focus to airport operations.
"The investment by the private sector of €5m is also a first in regional aviation in Ireland and the bringing together of aviation and construction expertise in the form of Conor McCarthy of Leadcom Ltd and Noel Frisby of Frisby Construction, along with strong international enterprises from the region in the form of Glanbia, Coolmore Stud, Waterford Distillery, Dawn Meats and Stafford Wholesale represents a new focus on the future commercial viability of the Airport.”
