YVR seems to develop airport lands to cope with COVID monetary woes

Article content material

The Vancouver Airport Authority is seeking to develop its industrial land base in Richmond into a big commerce and transportation hub, in response to a report going to Vancouver Metropolis Council on Tuesday.

Article content material

The report , to be offered by Vancouver Worldwide Airport CEO Tamara Vrooman, states the event will likely be accomplished in session with the Musqueam Nation.

“To future proof our monetary stability in service to the neighborhood, we’re exploring methods to diversify our income streams and higher make the most of our vital industrial land base,” the report stated.

“By means of higher utilization of the land on Sea Island, YVR will help meet the necessity for giant commerce and transportation associated websites in help of B.C.’s financial restoration plans.”

Like for all airports around the globe, COVID-19 has had an enormous impact on YVR passenger volumes.

The report states 2021 passenger ranges have been 72 per cent decrease than in 2019 — the yr earlier than the pandemic arrived in B.C.

Article content material

Because of this, the airport has incurred continued working losses which are being coated by debt.

“There’s pent-up demand for journey, and we’re seeing extra passengers come by the airport as vaccination charges enhance and travellers have extra confidence to journey,” the report stated. Nonetheless, these numbers are nonetheless properly beneath these reported in pre-pandemic years.

Statistics Canada knowledge reveals 10 occasions extra worldwide travellers moved by Canadian airports in December 2021 than in December 2020, nevertheless it was considerably lower than 2019 ranges.

Canadian airports count on passenger numbers won’t return to pre-COVID ranges till 2025.

To assist cope with the projected continued deficits, YVR has consolidated terminal operations and struck a cope with the federal authorities to waive or defer lease funds. Transport Canada owns the land the airport operates on.

Article content material

One vivid gentle is that YVR cargo site visitors return to 83 per cent of pre-COVID ranges in summer season 2021 in comparison with summer season 2019.

“The surge in on-line buying and ecommerce we skilled throughout COVID-19 is predicted to maintain, elevating demand for the motion of products and highlighting the vulnerability of present provide chains,” the report stated.

The report states that as a result of excessive diploma of uncertainty in B.C.’s post-pandemic restoration, YVR’s strategic plan will give attention to six areas.

They’re effectivity of present operations, preserving forward of COVID, sticking to a plan to be a net-zero carbon emitter by 2030, being a gateway to the “new economic system” and specializing in workers and monetary sustainability.

dcarrigg@postmedia.com