Europe’s airports will need to invest around €360 billion by 2040 to remain viable, modern and climate-ready, according to a major new report released by ACI EUROPE.
The study, produced with consultancy Boston Consulting Group (BCG), warns that structural changes in aviation – including slower passenger growth linked to climate policies – are putting the financial sustainability of airports under growing pressure.
Unveiled at ACI EUROPE’s New Year reception in Brussels, the report says investment is essential to upgrade airport infrastructure, improve resilience, and meet environmental targets. Beyond aviation, the spending is seen as vital for Europe’s wider economy, supporting competitiveness, connectivity and regional cohesion.
However, the report cautions that airports can no longer rely on steady traffic growth to fund these investments. Rising costs and weaker revenue growth are squeezing finances across the sector.
BCG estimates that without action, European airports could lose between €45 billion and €75 billion in value over the next 20 years. Under such conditions, many airports would struggle to generate the capital needed to invest in infrastructure, sustainability and new technology.
Stefan Schulte, President of ACI EUROPE and Chief Executive of Fraport, said the industry was entering a “far more challenging” long-term phase.
“Europe’s airports can no longer assume that passenger growth alone will secure their future,” he said. “Value creation will increasingly need to come from higher unit revenues, both from airport charges and commercial activities, as well as continued efficiency gains.”
He also warned regulators against creating uncertainty around airport charges, saying this could deter private investment at a critical time.
The report calls for wider policy support to help airports adapt, including reforms to airport slot rules in the EU and UK, continued operating aid for smaller regional airports, and faster progress on sustainable aviation fuel schemes. It also urges regulators to support, rather than slow, the rollout of new technologies such as biometrics and enhanced security systems.
ACI EUROPE argues that aviation must remain central to Europe’s economic strategy if the region is to stay competitive globally.
“This is why the EU’s new Aviation Strategy is so important,” Mr Schulte said. “Europe must treat aviation and air connectivity as core pillars of its competitiveness agenda.”
