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 City — is seeking a $1.9 billion federal bailout
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 City — is seeking a $1.9 billion federal bailout, as traffic at its facilities plummets with the spread of the coronavirus.
Passenger volumes at the Port Authority’s airports — which include John F. Kennedy International Airport, LaGuardia Airport and Newark Liberty International Airport — have fallen by more than half compared to March of last year, and will likely fall further. Cargo volumes at the region’s ports are expected to drop 30 percent this month, compared to March of last year. Some 22 percent fewer vehicles are using the authority’s bridges and tunnels.
Revenues are falling even as the Port Authority spends more money than usual on cleaning its facilities, to help stem the spread of the virus. The Port Authority’s projection of a $1.9 billion financial hit presumes the current declines continue for six months. The Metropolitan Transportation Authority, which operates the nation’s biggest mass transit system, is seeking a $4 billion federal bailout. Both bailouts would require the support of President Donald Trump, who has shown hostility toward his hometown over the course of his administration and held up badly needed funding for regional infrastructure upgrades.
“The bi-state region produces nearly 15 percent of the entire U.S. GDP,” wrote Cotton and O’Toole, “and the nation will need the region to fully rebound from the current crisis.”
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