ACI EUROPE and Boston Consulting Group Warn of €360B Airport Investment Need; MEPs Nikolina Brnjac and Jan-Christoph Oetjen Present Findings

European airports will require approximately €360 billion in capital expenditure by 2040 to upgrade runways, terminals, security screening, and sustainable fuel infrastructure while meeting new regulatory and climate-driven constraints.

Key findings at a glance

The joint report by ACI EUROPE and Boston Consulting Group (BCG) projects a multi-decade funding gap that threatens airport resilience, regional connectivity and the passenger experience. The analysis highlights that slower volume growth driven by climate policy and higher operating costs could reduce airport EBITDA by an estimated €45–75 billion over 20 years if no corrective measures are taken.

Investment breakdown and urgency

What’s driving the investment gap?

• Slower traffic growth: Climate policies and travel behaviour shifts reduce volume-based revenues that traditionally financed airport capital projects.
• Rising costs: Investments in Sustainable Aviation Fuels (SAF), renewable energy on-site, and advanced security raise operating and capital expenses.
• Regulatory pressure: New EU measures and the need for interoperability across borders increase compliance costs and planning complexity.
• Competition and connectivity: Preserving routes to regional destinations requires targeted support for smaller airports to avoid service erosion.

Policy recommendations highlighted

The report recommends a mix of regulatory and market measures to decouple financial viability from simple passenger growth figures:

• Revise airport slots rules across the EU and UK, following guidance in the Draghi report.
• Preserve operating aid for smaller regional airports under EU State aid Guidelines to maintain connectivity.
• Implement the EU Sustainable Transport Investment Plan, including a Book & Claim system for SAF to stimulate demand and supply.
• Provide regulatory frameworks for deploying biometrics and next-generation security technologies.
• Ensure stability and predictability in EU airport charge rules to support capital planning.

Operational steps airports can take now

Airports and operators with a mind to balance investment and service quality should prioritise modular upgrades, public–private partnerships for SAF supply chains, and digitalisation of passenger flows to reduce per-passenger costs while preserving service standards.

Implications for tourism and travel

Practical effects on tourism include potential changes in flight frequency to secondary destinations, altered transfer times due to security changes, and evolving passenger services as airports invest in sustainability and digital convenience. For travellers and tour operators, these shifts affect itinerary planning, excursion availability and the overall travel experience—especially in regions that rely on air connectivity for seasonal tourism.

Short-term risks and opportunities

• Risk: reduced direct flights to smaller destinations as airports defer investments.
• Opportunity: improved terminal experiences and greener travel options in hubs that secure funding.
• Practical tip: check connectivity forecasts and allow extra transfer time when planning multi-leg trips.

The report was presented at ACI EUROPE’s New Year reception with participation from EU institutions and Members of the European Parliament Nikolina Brnjac and Jan-Christoph Oetjen, emphasising that coordinated policy action is required to preserve competition and air connectivity across Europe.

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In summary, Europe’s airport sector faces a sizeable €360 billion funding need by 2040 driven by sustainability targets, security upgrades and slower traffic growth. Without corrective policy measures—such as revised slots rules, targeted regional support and a robust SAF Book & Claim system—airports risk an EBITDA shortfall of up to €75 billion