It took just under six years and 13,000 workers to build the Channel Tunnel. The total cost came at an eye-watering £4.65 billion which would be the equivalent of £12 billion in today's money.
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The project was financed entirely by private sector capital, including five banks who were part of the TransManche Link consortium. Financing originated partly from investment by shareholders and partly from GBP8 billion of debt (about USD12. 2 billion, 1994 prices).
Soon after the start of operations, Eurotunnel reached a delicate financial situation which resulted from the escalation of construction costs, a large overestimation of the cross-Channel market and the underestimation of the cross-Channel ferry operators' competitive response which led to a very damaging price war.
Eurotunnel is now highly profitable, after a difficult start when it was held down by massive debts from the tunnel construction. Debt restructuring in 2007 reversed the company's fortunes — at the expense of thousands of small shareholders who saw their holdings slashed in value.
www.cnplus.co.uk Page 2 Inevitably, important design aspects were wholly inadequate. For example, the designers failed to foresee high- speed trains would generate significant heat in the tunnel from air friction. Retrospectively, a chilled water air conditioning system was added to the design at enormous cost.
The Channel Tunnel is under the English Channel for 37.9 km or 23.5 miles, which is the worlds longest undersea tunnel. When riding the Eurostar you'll be underwater for about 13 minutes.