Funds intended for the Cornwall Spaceport Relocated to Revive Cornwall Airport25th Sep 2020
The Cornwall Spaceport council is looking into using half of their €10.2 million fund into covering the losses the airport has encountered so far.
Many businesses experienced a perverse season trying to stay afloat in the wake of the pandemic, and airport businesses topped that list. The Cornwall airport Newquay, has been hit hard and now there is a possible way to revive the normal operations despite the blow caused by the current Coronavirus pandemic.
Reason for the Shift
A recent report addressed the country’s cabinet from the Cornwall spaceport council mentioned that it was paramount that the airport is fully operational first. They appealed to the UK government to suggest if they could step in and cover the airport’s recovery.
If the appeal goes through and they decide not to cover the losses, the Cornwall spaceport council will utilize the cash to cover the losses anyway.
While the airport remains operational, it opens a connectivity channel for the future Newquay spaceport and this is a win-win for both parties. The economy of both will see a tremendous boost and the airport will be home to the first-ever spaceport in the UK.
How Extra Funds Will Be Sourced
Well, admittedly, there is a possibility that this fund might not be sufficient. If that happens to be the case then the Cornwall spaceport council is working on a plan to involve the current partners in conjunction with the nation’s Department of Transport for further raising of capital. The scheme includes reducing the overall capital raise of the funding program to eventually free-up resources to be allocated to the revival of the Newquay spaceport airport.
The first funding allocation caused some disagreements as environmental enthusiasts pointed out that the project went opposite to the body’s agreement on the climate emergency. But in retaliation, the council stands by the fact that the project would be economically beneficial to the country. Notably, it would also offer better employment opportunities.
This capital amount was just a small amount of the twenty million Euros funded by Virgin Orbit and the UK government. Besides the site possibly housing the new Newquay spaceport site, it has significant economical benefits such as bringing in tourists and facilitating other locomotive businesses in the country.