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4/17/2020
The Metropolitan Transportation Authority (MTA) yesterday issued a letter to the New York State Congressional Delegation requesting an additional $3.9 billion in federal funding as Congress considers its next COVID-19 relief package.
Last month, the MTA secured nearly $4 billion in federal funding through the Coronavirus Aid, Relief and Economic Security (CARES) Act. However, MTA is projecting significant additional losses as the pandemic in New York City worsens, MTA officials said in a press release.
Ridership has declined 93 percent on subways, 95 percent on MTA Metro-North Railroad and 97 percent on the MTA Long Island Railroad, agency officials said.
The MTA also released an economic analysis by McKinsey & Co. that projects the full impact of the pandemic to be as high as $8.5 billion this year.
The analysis projects a drop in toll and farebox revenue between $4.7 billion and $5.9 billion; a decline in dedicated state and local tax revenue between $1.6 billion and $1.8 billion; and a growth in costs associated with rider and employee safety of up to $800 million.