"Annual public capital allocations over the period of the Plan will be progressively reduced to reach of €3 billion by 2013. This is consistent with the lower level of growth and demand in the economy..." The cumulative annual capital adjustment by 2014 will amount to €3 billion commencing with a reduction of almost €2 billion in 2011 and further additional savings of €0.4 billion each year from 2012 to 2014."
Opinion - To set this reduction in expenditure in context, €3 billion (or €3,000,000,000) represents the actual construction cost of building a motorway standard dual carriageway stretching from Dublin to Munich. This would of course have made it a lot easier for our German colleagues to travel back and forth. It does therefore represent quite an impact in terms of construction industry jobs and investment in an already depressed industry.
The Government has also confirmed that the Dublin underground system is "deferred". In addition we are advised that Metro North will proceed subject to a Cost-Benefit Analysis. Realistically, does this now mean Goodbye to Metro North also?
