NEW YORK — The Port Authority of New York and New Jersey — which manages the nation's busiest airport system, coastal ports and central bridges and tunnels to and from New York Metropolis — is looking for a $1.9 billion federal bailout, as visitors at its amenities plummets with the spread of the coronavirus.
In a letter to the congressional delegation of New York and New Jersey, the Covid-19-stricken government director of the Port Authority and his chairman recite a litany of troubles that threaten to undermine the authority’s potential to do its job.
“Whereas the Port Authority continues to operate in order that essential individuals and goods get where they should go, we face precipitous drops in passenger and cargo volumes,” wrote Government Director Rick Cotton and Chairman Kevin O’Toole. "Additionally, our tenants are requesting fiscal aid from rents and expenses as their industries contract beneath the pressure of this pandemic.”
Passenger volumes at the Port Authority’s airports — which embrace John F. Kennedy International Airport, LaGuardia Airport and Newark Liberty Worldwide Airport — have fallen by extra than half in comparison with March of final yr, and can doubtless fall additional. Cargo volumes at the region’s ports are anticipated to drop 30 % this month, compared to March of final yr. Some 22 % fewer automobiles are utilizing the authority’s bridges and tunnels. Ridership on the PATH commuter rail system has dropped greater than 75 %. And the financial quagmire of the airline business, which tenants the Port Authority’s airports, threatens the solvency of the Port Authority itself.
Revenues are falling even as the Port Authority spends extra money than normal on cleaning its amenities, to help stem the spread of the virus.
The Port Authority’s projection of a $1.9 billion monetary hit presumes the present declines continue for six months. The Metropolitan Transportation Authority, which operates the nation’s largest mass transit system, is in search of a $4 billion federal bailout. Both bailouts would require the help of President Donald Trump, who has proven hostility towards his hometown over the course of his administration and held up badly needed funding for regional infrastructure upgrades.
“The bi-state area produces almost 15 % of all the U.S. GDP,” wrote Cotton and O’Toole, “and the nation will need the area to completely rebound from the present disaster.”
Src: Port Authority seeks $1.9B federal bailout
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