Port Authority May Lose $3B From Virus; Big Projects In Jeopardy

ESSEX COUNTY, NJ — Several highly anticipated projects at the Port Authority’s airports, bus terminals and PATH stations are in jeopardy because of the coronavirus, officials say.

On Wednesday, officials at the Port Authority of New York and New Jersey announced the agency is expected to lose about $3 billion in revenue over the next 24 months as a result of the COVID-19 crisis.

Throughout the coronavirus crisis, the Port Authority has kept all of its facilities open and operating to get necessary food, fuel, and medical supplies into the region and to get essential workers safely to their jobs and back home. But the change inside those facilities is staggering, officials said: airport traffic is down 97 percent, PATH commuter rail ridership is down 95 percent and bridge and tunnel traffic is down 50 percent.

Port Authority officials are now asking for $3 billion in federal aid to offset the expected revenue losses.

“Without direct federal financial assistance, the Port Authority will be forced to urgently reconsider its capital plan, including drastic cuts to a variety of critical infrastructure projects across the region from major airport redevelopment to bus terminal replacement and improvements at PATH stations,” officials said.

If nothing is done, nearly 100,000 “good, local jobs” associated with the upcoming projects over the next five years may become another victim of the virus, officials said.

• See related article: Take A Sneak Peek At The $2B Transformation Of Newark Airport
• See related article: Holland Tunnel $364M Repair To Start On Time Despite Coronavirus

“Given the massive decline in traveler volumes, Congress must provide the Port Authority with direct financial assistance to offset its massive revenue losses to ensure critically important infrastructure projects can move forward,” Port Authority Executive Director Rick Cotton said.

Cotton – who tested positive for the virus himself in March – said the agency’s current capital plan leverages more than $10 billion in private money.

“It would drive the economic recovery,” Cotton asserted. “Pulling back now is the exact opposite of what the regional and national economy need.”

Port Authority Chair Kevin O’Toole agreed with his peer.

“Our region cannot afford, now, to walk away from these jobs or these billions of dollars of construction spending our capital plan would inject into the region and the country,” O’Toole urged.

READ MORE: NJ Coronavirus Updates (Here's What You Need To Know)

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