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2 clusters · 5 sources · 8 days · First seen · Last updated

Heraklion International Airport construction costs

Overview

The construction of the new Heraklion International Airport in Casteli, Crete, has seen significant increases in projected costs and delays. The total project cost has risen to nearly 1.2 billion euros, driven largely by a rise in projected compensation payments to 444.3 million euros.

These cost increases are attributed to extended construction periods, a 24-month loss of revenue due to delayed operations, and pandemic-related delays in airport development fees. Additionally, the discovery of antiquities necessitated the construction of a 3-kilometer tunnel, costing over 160 million euros.

Political criticism has emerged regarding the financial impact on the Greek state. While private entities hold a majority stake in the concession agreement, the public financial burden is estimated to have surged to at least 678 million euros. Furthermore, the project’s expected completion date has been delayed from 2027 to late 2028.

Entities

Greek government · Casteli · Ministry of Infrastructure and Transport · Heraklion International Airport · GMR

Timeline

  1. 19 days ago

    [BUSINESS] 2 sources
    Kastelli Airport costs surge to 678 million euros

    Greek MP Harris Mamoulakis warns that the Kastelli Airport project's public cost has surged to 678 million euros, nearly quadruple the original amount, while private investors retain majority control.

  2. 26 days ago

    [BUSINESS] 3 sources
    Heraklion Airport project costs rise to nearly 1.2 billion euros

    The construction cost of the new Heraklion International Airport in Casteli has risen to nearly 1.2 billion euros, with compensation payments increasing to 444.3 million euros due to delays and tunnel costs.

Sources

cretaone.gr · ekriti.gr · fonimaleviziou.gr · mononews.gr · ypodomes.com