$50M "out of pocket" and $164M insurance will be needed to settle all Frankford Jct. claims.
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Amtrak also cited at least $10 million in expenses and lost revenue related to extensive repairs to an electrical system needed to run trains through its pair of aging tunnels under the Hudson River between New Jersey and Manhattan.
Problems with the tunnels this summer disrupted travel for thousands of passengers and renewed a debate over how to pay for Amtrak’s backlog of construction projects and repairs.
Excluding those extraordinary items in the 2015 fiscal year, which ended Sept. 30, Amtrak said it was able to largely hold the line on revenue and expenses. Ridership remained steady despite low gas prices that can lead passengers to drive instead of boarding trains.
“Ridership has developed a strong affinity in passenger rail,” said Anthony Coscia, Amtrak’s chairman. “We think that riders will stay with trains even as gasoline prices drop.”
Ticket revenue of $2.2 billion and ridership of 30.9 million fell 0.1% from the prior fiscal year. Total revenue slid 0.8% to $3.2 billion. Expenses rose 1.4% to $4.3 billion.
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