Metra says coronavirus will cost it $605 million in lost revenues through 2021

[marmar]

IL: Metra says coronavirus will cost it $605 million in lost revenues — $70 million more than expected — through 2021
Metra said Wednesday that because of the coronavirus it expects to lose $70 million more through 2021 than it originally projected.

Mary Wisniewski
Chicago Tribune (TNS)


Metra said Wednesday that because of the coronavirus it expects to lose $70 million more through 2021 than it originally projected.

The commuter railroad, which is heavily dependent on passengers going to and from work, has seen ridership drops of as much as 97% as a result of the pandemic and the state’s stay-at-home order. While ridership has crept up in recent weeks, officials say the railroad continues to suffer heavy shortfalls in both ticket sales and regional sales tax revenues, which help pay for transit.

Metra officials now expect losses tied to the coronavirus to reach $605 million through 2021, up from their original projection of a $535 million loss in April. The expected shortfall has increased because ridership has not come back as fast as initially expected, officials said.

All three of the metro area’s transit agencies have lost millions of dollars as a result of ridership drops, and expect to receive about $1.4 billion in federal aid under the coronavirus relief package. But the ridership losses for CTA and Pace have been less extreme than Metra’s, with CTA down about 80% and Pace down about 70% from normal levels. ..........(more)

https://www.masstransitmag.com/rail/news/21142675/il-metra-says-coronavirus-will-cost-it-605-million-in-lost-revenues-70-million-more-than-expected-through-2021