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London’s Heathrow Airport on Friday unveiled an expansion plan worth £49 billion ($65 billion), which includes funding for a long-awaited third runway that the UK government has approved after extensive legal disputes.
The runway is expected to cost £21 billion, with operations projected to begin within the next decade, while the remainder of the privately-funded investment will be allocated to the airport’s expansion and modernisation.
Heathrow, recognised as the busiest airport in Europe in terms of passenger traffic, indicated that this expansion will create at least 30 additional daily routes, enhance domestic connections, and improve flight schedules.
This increase in capacity aims to nearly double the number of yearly passengers from the current 84 million to as many as 150 million.
Despite strong resistance from environmental advocates and residents, including London mayor Sadiq Khan and various Labour MPs, the Labour government endorsed the construction of the new runway in January to stimulate economic growth in the UK.
In Europe, where there is a divide between the need to cut greenhouse gas emissions and the demands of a growing strategic industry, the expansion would be a notable exception.
Heathrow has submitted its plan for the 3,500-metre runway to the UK government, which has also called for competing proposals.
In addition to this, Heathrow’s latest investment proposal includes plans to spend £10 billion over the upcoming five years on upgrades intended to increase passenger capacity, which will largely be financed through higher fees charged to airlines.
