Aena plans €1 billion to expand El Prat between 2027 and 2031.

MadridOf the 3.2 billion euros planned to expand El Prat airport, as announced this summer, over 1 billion would be spent in the Airport Regulation Document for the period 2027-2031 (DORA III). The rest of the investment, that is, around 2.2 billion euros, would be left for the next five-year period (2032-2036) or DORA IV, as confirmed by sources from Aena this Friday.

The truth is that, in the announcement this Thursday about the investment that Aena plans for Spanish airports between 2027 and 2031 (13 billion euros between regulated and non-regulated investment), sources from the company already anticipated that a significant part of the money to expand El Prat it would start to unclog laterThe reason is that by the time DORA III gets underway, the project to expand Catalan infrastructure will barely have begun its initial steps, so the investment will be extended beyond this period at all costs.

However, sources from the airport manager emphasize that this is a very preliminary investment estimate and urge caution. Thus, if, for example, the procedures for the new master plan for El Prat Airport move faster than expected (it is estimated to be ready in 2028) or compensation for the impact of the works is unblocked earlier, the investment planned for the 2027-2031 five-year period could grow beyond these 1,000 euros.

In any case, this item would represent a small part of the entire outpouring of millions announced this Thursday. For the moment, Aena will not provide further details on investment figures for airports until DORA III is completed. The public consultation process for the document now begins, and it is estimated that the text will not be approved by the Council of Ministers until March 2026, and then sent to the Directorate General of Civil Aviation (DGAC) and the National Commission on Markets and Competition (CNMC). However, it is not expected to be published until September 2026.

As a result, there are no details of the investment planned for the rest of Catalan airports. This Thursday, President Salvador Illa revealed that between 2027 and 2031, more than €3 billion would be allocated to the entire Catalan airport network. But what is taken for granted is that almost all the money will be allocated to El Prat, while the investment in the rest of the airports will be residual. It must be taken into account that beyond the expansion, the airport will undergo other actions.

In the case of Reus and Girona, for example, Aena sources indicate that "the necessary [investments] will be made," but they already anticipate that no "major actions" are planned, unlike Barcelona. "This is not the time to talk about it. The necessary [investments] will be made, to improve security or capacity," the same sources indicate.

More money at Barajas

The investment schedule, Aena sources explain, would have been different if the expansion of El Prat had not gone bankrupt at the time, in 2021, and shortly after an agreement was announced between the central government and the government of Pere Aragonès. In fact, for this reason, the investment for Barajas Airport that will be allocated to DORA III is expected to be considerably greater than the investment for the Catalan airport (estimated at around €4 billion). "The projects [affecting Madrid] were unblocked earlier," indicate Aena sources.

All in all, of the €13 billion announced this Thursday (€9.991 million is regulated investment), the largest portion will go to the major projects required by the terminals of the various Spanish airports managed by Aena (€6.051 billion, of which €4.383 million will be regulated investment). The second largest allocation (3.037 billion, of which 2.437 billion will be regulated investment) will go to construction, civil works, electrical systems, and assistance. The remaining funds will be distributed among different areas, including cybersecurity and digital transformation; airport security; sustainability and innovation, among others. To address all of this, Aena already anticipates that it will have to take on debt.

Blind faith in tourism

One of the key factors behind this wave of investment and, therefore, the growth of airport infrastructure in the country is the arrival of more passengers, especially international ones. In fact, the airport manager is banking on this factor for growth, despite the tensions that have recently arisen in cities such as Barcelona, ​​Valencia, and Malaga due to overcrowding and the limitations of the sector. "If we don't invest what we need, [the airports] will become saturated," say sources at Aena.