#MTA losing $250M per week amid coronavirus-induced ‘fiscal tsunami’: top boss

The MTA is losing $200 million per week amid a once-in-a-century “fiscal tsunami” brought on by the coronavirus, agency boss Pat Foye said Wednesday.

“We are in the midst of a once in 100 years fiscal tsunami,” Foye said at the start of the transit agency’s July board meeting.

“The MTA has faced challenges before, but the pandemic challenge and its impact on our finances is far more severe than any questions we’ve faced before,” Foye said.

Transit ridership has plummeted since the COVID-19 struck New York in March, to just 2.2 million trips per day compared to over 7 million pre-pandemic, according to MTA stats.

The combination of reduced ridership and pandemic-depleted tax revenues will leave the MTA with a $14.3 billion shortfall through the end of 2021, MTA Chief Financial Officer Bob Foran told board members.

“The impact of COVID-19 has just decimated our finances,” he said.

MTA officials this week announced plans for $350 million in initial budget cuts to overtime and consultant spending. The agency also halted work on its five-year, $51.5 billion modernization plan.

Foye said everything in the agency’s $18 billion annual budget is on the table, including fare hikes, service cuts and layoffs.

Still, officials insisted the agency simply cannot survive without more financial support from Congress.

“We can’t cut our way out of this crisis,” Foye said. “Our immediate focus is on Washington.”