Port Authority of New York and Jersey (PANYNJ) Chairman Kevin O’Toole and Executive Director Rick Cotton this week called on the federal government to provide the Port Authority with $3 billion in direct financial assistance to avoid the devastating impact of sharp revenue losses tied to the current pandemic.
PANYNJ projects revenue losses of $3 billion over 24 months as a result of the COVID-19 pandemic. Without direct federal financial assistance, the Port Authority will be forced to urgently reconsider its 10-year capital plan that includes the redevelopment of John F. Kennedy International Airport (JFK), new AirTrain systems for both LaGuardia (LGA) and Newark Liberty International (EWR) airports, and other local projects.
“We are asking Congress to provide the Port Authority with direct financial assistance to offset its massive revenue losses so we can ensure critically important capital construction projects can move forward,” said Cotton.
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 agency said airport traffic, for example, has fallen by more than 90 percent.