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SEARCHThe company’s FY 2021 ridership and revenue are forecasted to improve to about 40% of pre-COVID levels, which is less than anticipated.
Without additional funding, Amtrak officials said they will be unable to avoid the potential impacts of reduced service and deferment of capital projects.
Amtrak
Amtrak submitted a letter to Congress formalizing its ongoing request for additional funding of up to $4.857 billion needed in FY 2021.
In the letter, Amtrak President/CEO Bill Flynn notes “we have seen that our ridership is not returning as quickly or at the levels that we had hoped for, and we updated our forecast for FY21. We now anticipate needing up to $4.857 billion in FY21 to support the company and our employees through this unprecedented situation.”
Additionally, as Congress considers programs for stimulating the economy, Amtrak has identified $5.193 billion in additional investments as part of an economic recovery proposal to help the nation recover from the impacts of the pandemic, for a total federal investment of $10.050 billion. This includes projects, such as replacing bridges and tunnels on the Northeast Corridor, new fleet, infrastructure improvements throughout the company’s national network, and major station improvements. If this additional $5.193 billion investment is made, Amtrak anticipates that, based on various transportation studies, more than 75,000 jobs could be created.
Currently, business remains at about 25% of pre-COVID levels. Based on Amtrak’s current forecast, the company’s FY 2021 ridership and revenue are expected to improve to about 40% of pre-COVID levels, which is less than the company anticipated.
Without additional funding, Amtrak officials said they will be unable to avoid the potential impacts of reduced service and deferment of capital projects, resulting in a loss of approximately 2,400 jobs.
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