Europe’s 30 most important transport projects will cost far more than first thought, making it uncertain how some financially strapped governments will find the necessary funds, according to an independent study. Financial Times
The report, prepared by PwC, the professional services firm, for the European parliament, blames the €40bn ($63bn, £32bn) cost overrun on poor project management, planning difficulties, changes in project specifications, lawsuits and lack of funding.
In 2004, the European Union identified 30 road, rail and sea transport schemes as priority projects for the purpose of integrating the economies of the bloc’s 27 member states, promoting their competitiveness and strengthening sustainable economic development.
More than half the bill is expected to fall on four countries - €62.7bn for Italy, €62bn for Spain, €41.4bn for France and €31.8bn for Germany. The UK’s costs are forecast to be €26.7bn.