Isavia's share capital increased by ISK 15 billion

The capital increase is intended to offset operating losses due to COVID-19 and enables the company to resume work on the development of Keflavík Airport. The decision to increase Isavia's share capital will create a large number of new jobs during the construction period, including immediately this year.

"It is extremely important that we are ready when air traffic returns to levels similar to those before the pandemic. Until then, we can undertake construction projects aimed at making Keflavík Airport more competitive than before. This will benefit the many companies operating at the airport and the tourism industry as a whole," says Sveinbjörn Indriðason, CEO of Isavia. "It is clear that we at Isavia can do little to influence when global travel restrictions will be lifted, but we can have a significant impact on how we fare in the years to come. It must not be forgotten that the capital increase also gives us the flexibility to respond to different scenarios coming out of COVID-19 and, at the same time, makes it easier for airlines to resume flights when the time comes, for instance through marketing support. We have been entrusted with the great responsibility of operating one of the country's key infrastructures, and we intend to live up to that responsibility."

The planned construction projects at Keflavík Airport are intended to strengthen the competitiveness of the airport and the hub by improving customer service, improving facilities for aircraft and passengers, reducing processing times, and thereby increasing its capacity and efficiency. According to the plans, the construction projects currently planned are expected to be fully completed in 2025.