MTA Loses $125M A Week Amid Coronavirus Outbreak, Chairman Says
This article originally appeared on the New York City Patch
NEW YORK CITY — The coronavirus pandemic is costing the MTA $125 million a week and could create a $6.5 billion deficit by the end of the year, Chairman Pat Foye said Wednesday.
Even the $2 trillion federal bailout — which dedicates $4 billion to the New York City transit system — might not be enough to help the MTA, the chairman said.
“We will need substantially more than that to survive," Foye said. "We’re the lifeblood of the New York economy, the state can’t recover without a strong public transportation system.”
To keep up to date with coronavirus developments in NYC, sign up for Patch's news alerts and newsletter.
To cope with the drop in revenue, transit officials have drawn $1 billion in credit, scaled back service, and cut back on improvement projects, said Foye.
The MTA decreased service Wednesday amid an 87 percent drop in subway ridership, a 70 percent drop bus ridership drop, a 91 percent drop in Metro-North ridership and a 71 percent drop in LIRR as of Monday.
"We've planned for disruptions in the past," said Foye. "But never on this scope."
Foye is not the only New York official to raise concerns over the cash allotted to New York in the COVID-19 stimulus package.
Gov. Andrew Cuomo said the $1.4 billion dedicated to the city of New York was "a drop in the bucket when it came to need."
On the NPR show "Here and Now," City Speaker Corey Johnson echoed his concerns.
"We're going to need tens of billions of dollars," Johnson said. "If Governor Cuomo is saying he's alarmed, that's not a good sign."
