The Shannon Airport Group plays a crucial role in Ireland’s economy, according to a report released by Oxford Economics. Contrary to previous assumptions, the report argues that Ireland’s aviation policy has fallen short of fostering an equitable environment for the country’s regional airports to thrive.
The Economic Powerhouse: Shannon Airport Group
The cornerstone of the report is the revelation that the Shannon Airport Group significantly contributes almost €4 billion (€3.96 billion) to Ireland’s GDP. Beyond mere economic metrics, the report underscores the Group’s impact in supporting over 20,300 jobs nationwide and generating a substantial €643 million in tax revenues.
Oxford Economics’ Insights
The independent economic advisory firm, Oxford Economics, meticulously examined the direct, indirect, and induced contributions made by the Shannon Airport Group. The analysis extends to activities within the Shannon Campus and the group’s business parks in the Mid-West and South-West regions of Ireland.
Catalytic Benefits: Connectivity, Tourism, and Trade
The report delves into the catalytic benefits provided by Shannon Airport to the Irish economy, emphasizing its role in enhancing connectivity, fostering tourism, and facilitating trade. The findings pinpoint the airport as a key enabler of imports and exports, further solidifying its status as a major contributor to Irish GDP.
Testimonials from Key Players
The report features glowing testimonials from influential organizations such as Northern Trust, Ei Electronics, Jaguar Land Rover, Chambers of Commerce, the University of Limerick, and IDA Ireland. These endorsements underscore the positive impact of the Shannon Airport Group across various sectors.
Recommendations for Future Growth
In light of its findings, the report puts forth several recommendations aimed at maximizing the contribution of the Shannon Airport Group to both the Mid-West and Irish economies:
- Update Aviation Policy: The report advocates for the government to update the Irish Aviation Policy, originally published in 2015, aligning it with the long-term growth targets outlined in Project Ireland 2040.
- Review of State Aid Exclusion: A critical suggestion is the review of the decision to exclude regional airports with over one million passengers from state aid within the Regional Airports Programme.
- Promotion of Gateway Status: The report recommends intensified efforts by the government and tourism boards to position Shannon Airport as the gateway to the Wild Atlantic Way. Highlighting the ease of travel through the airport and onward to other destinations, the report distinguishes Shannon’s offerings from those of congested Dublin.
Minister’s Perspective
During the report’s launch, the Minister for State at the Department of Transport emphasized Shannon Airport’s pivotal role in rebalancing Ireland’s aviation landscape. The minister echoed the report’s call for a renewed focus on regional airport development and acknowledged Shannon’s potential as a key player in achieving this balance.
Conclusion: Bridging the Policy Gap
In conclusion, the Oxford Economics report not only quantifies the substantial economic contributions of the Shannon Airport Group but also exposes a critical policy gap. The report’s call for state aid echoes a broader global recognition of the importance of balanced aviation sectors in sustaining economic growth.
As Ireland looks toward the future outlined in Project Ireland 2040, the call to action is clear: bridge the policy gap, unlock the full potential of regional airports, and ensure a level playing field that fosters economic growth across the nation. The success of Shannon Airport, as detailed in this comprehensive report, serves as both a testament to its current impact and a blueprint for the future of Irish aviation.
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