The Shannon Airport Group contributes nearly €4bn to the Irish economy and supports more than 20,300 jobs, a new report shows.
The report – produced independently by economic advisory firm Oxford Economics – also shows that the Group contributes €643m in tax revenues to the State.
Commenting on the findings, Neil McCullough from Oxford Economics and one of the report’s authors said: “The Shannon Airport Group makes a major economic contribution to the Mid-West region and Ireland, and has the potential to do even more in the future. However, one of the areas we note in our report is that Ireland’s aviation policy has to date failed to create a level playing field for Ireland’s regional airports to flourish. Given that airports can drive regional growth, and that Project Ireland 2040 aims to rebalance growth across Ireland, there is a strong argument for providing state aid to Shannon Airport.
“There is strong evidence that airports can have a positive impact on local and regional economies and Governments are recognising the benefits of having a balanced aviation sector. If a country has an excessive reliance on a single airport, it can concentrate economic growth and any disruptions could cause a significant impact on the tourism sector, as well as the economy as a whole.”
Mary Considine, CEO of The Shannon Airport Group said: “The report gives us a comprehensive assessment of the economic contribution that The Shannon Airport Group makes to the Mid-West region and Ireland’s economy in 2022, in supporting businesses and livelihoods, at a time when we were building back after the pandemic. We welcome the report’s findings and recommendations, which ultimately highlight what we have achieved and can further achieve with the right policies and supports in place.”
Minister of State at the Department of Transport, Jack Chambers TD said: “The Government recognises the impact The Shannon Airport Group has as a major economic driver for the region in attracting both FDI and indigenous business, along with providing vital air connectivity for the Mid-West and beyond. The airport has made a strong recovery from the collapse of air travel during Covid.
“Shannon has a key role to play in rebalancing Ireland’s aviation landscape, alleviating the congestion at Dublin Airport and delivering balanced regional development for our country. This report is a very useful reminder of the contribution which The Shannon Airport Group is making in terms of jobs and investment and its recommendations give us a lot to consider.”
