– correctly – that some airports are falling behind on infrastructure improvements that are critical to alleviating the problems that existed before the pandemic and the ones that have worsened since.
How did Pearson airport’s delays get so bad? Inside the patchwork system that failed to stop the crisis However, the not-for-profit model often requires infrastructure improvements to be financed by taking on debt instead of raising share capital – and after losing 75 per cent of their passenger traffic, Canadian airports were already borrowing heavily just to keep operating. Canada’s airports took on $2.8-billion in debt over the two pandemic years.
American airports compete with ours for traffic – Canadian airports need infrastructure investment to stay competitive. But ours had no choice but to slash spending for all but the most critical infrastructure work. What responsible business could invest in upgrades and expansion while taking on debt to keep the lights on?
There’s another thing we can do to help Canadian airports rebuild for the future: reinvest the rents airports pay to the federal government, which came to $420-million in 2019, before COVID.
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