The cabinet approved 5 million euro in capital funding if the project can be delivered for the estimated amount of €12 million.
The remaining 7 million euro will be met by regional private investment as well as the local authorities of Waterford, Kilkenny and Wexford.
Minister Shane Ross said while this is a very new and innovative way to support such projects, he recognises the need to secure value for money in any dispersal of public funds.
He said support was being provided subject to a number of conditions including a demonstration that the project can be delivered for €12 million.
Sinn Fein TD David Cullinane says there is always the possibility that there could be a cost overrun, so there needs to be some level of flexibility shown
by the Department in relation to the conditions that have been set.
He said the investment was long overdue and represents a game changer for air travel in the region.
“The announcement of funding to extend the runway at Waterford Airport is good news for Waterford and the South East. It is exactly what is needed to create the conditions for a sustainable future for the Regional Airport.
“This will allow the Airport compete for larger aircraft to provide routes to Britain and Europe. It is a game changer and must be built upon by local Airport management.
“Waterford Airport has seen many false dawns in recent times. Extending the runway is the only way to secure its long term future. I wish the management and board of the Airport well in attracting new carriers.
Fianna Fáil General Election candidate Cllr Eddie Mulligan has questioned the “conditional approval” of funding for Waterford Airport, which was announced by Government this week, saying that it appears to be another example of a crucial Waterford project being “kicked into touch”.
“Like 24/7 Cardiac Care, the second Cath Lab and the hiring of additional consultants, the Government seem to have found a way of selling Minister Halligan a pup”, Cllr Mulligan said. “Minister Ross says that funding has been agreed “in principle”, and comes with some very worrying conditions.”
Cllr Mulligan criticised Waterford’s current Oireachtas members, calling them “Champions of Mediocrity”.
“I have to admit that I was stunned when I heard the news that €8.6m in funding was announced for Irish airports, none of which was actually going to Waterford,” he said. “Nothing is ever easy for this City & County. Minister Ross said that the funding would be dependent on the Airport being able to demonstrate that the project can be delivered for the estimated amount of €12 million. Their €5 million contribution will only be paid when all upgrade works are completed and the runway is confirmed to be ready for service by the Irish Aviation Authority’. So what the Minister Ross is actually saying is that they won’t give us a penny until we build it, and they know full well that it’s going to cost more than €12m, even allowing for inflation. For our Oireachtas members to all publicly welcome this announcement is baffling to me. Private investors have stepped forward for Waterford and once again, the Government are showing that they can pull the wool over John Halligan’s eyes, and the rest of them will follow blindly behind.”
