The first stage of Rail Baltic is expected to cost more than EUR 15 billion, a new report says, double the price of the original estimate.
“The implementation cost of the first project phase, which aims to build an operational Rail Baltica line across the three Baltic states connecting to Poland until 2030, is estimated to reach EUR 15.3 billion,” RB Rail said in a statement.
One of the reasons for the price hike is higher than expected inflation.
According to the study, Rail Baltica’s cost is estimated at EUR 26 million per kilometer.
“The average cost per kilometer is EUR 24 million and might reach up to EUR 35 million per kilometer,” the company said.
The initial cost of the project was EUR 5.8 billion and 80% of the total was funded by the European Union.
The European Commission said the Baltic States needed to speed up and spend the money already allocated to them. It is not certain how much additional funding will be handed over as the parliamentary term has just ended.
The first stage needs to be completed until 2030. The second stage could cost up to EUR 23 billion. (ERR)