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Impact of the COVID-19 pandemic on the financial sustainability of the railway sector
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Impact of the COVID-19 pandemic on the financial sustainability of the railway sector

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The general objective of this study is to assess the financial consequences of the impact of the COVID- 19 pandemic on the railway sector in the EU through a global and comprehensive analysis of the effects and long-term consequences of this shock, with focus on the financial situation of both freight and passenger railway undertakings. The methodology followed involves the analysis of undertakings’ financial statements, desk research and stakeholder consultation. Financial impact was greater in passenger undertakings than in freight undertakings. This due to the fact that passenger undertakings suffered a sharp drop in demand and revenue, while their expenses were reduced to a much smaller extent. Government aids focused on track access charges reductions and PSO contracts renegotiations and were effective where applied. In terms of M&A activity, market competition and employment levels the impacts are found to be limited. While most of the financial indicators had recovered pre-COVID levels by the end of 2022, COVID-19 has induced some structural changes in the passenger and freight markets that drive new business models and opportunities for the sector.
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ISBN 978-92-68-10797-3
DOI 10.2832/033244
Αριθμός καταλόγου MI-03-23-477-EN-N
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ISSN ISBN 978-92-68-10797-3 DOI 10.2832/033244 Αριθμός καταλόγου MI-03-23-477-EN-N
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