Runolfur Agustsson, former rector of an Icelandic university, was the chairman of the group, which is comprised of the real estate company Reitir, Landsbanki bank, the engineering firm Efla, Istak construction company, Isavia, Reykjavik city and others. It is likely that other interested parties will join the group in coming weeks.
"This idea has been looked into a few times before. What has changed during the past five years however is twofold. On one hand there have been great technological advances in train transportation regarding high-speed rails that make the traveling time much shorter. On the other hand there has been a large increase in the number of tourists traveling through the international airport, which creates a source of income for a project like this." said Runolfur Agustsson.
The group estimates that the project will cost around 655 million EUR, at todays exchange rate.
"This is of course a very expensive project. It is assumed that the train will go from the airport to Hafnarfjordur town, and from there it will go to Reykjavik city centre in an underground tunnel. The tunnel would be around 11-12 km long." said Runolfur.
The group estimates that it will deliver the final report in January next year.
"If everything pans out this project could be finished around 2020. Then it is estimated that the number of passengers will be around 3-4 million people per year." said Runolfur.
It is estimated that the traveling time from the airport to Reykjavik would be around 15 minutes. The flybus from the airport to Reykjavik takes around 40 minutes and the fee is around 13 EUR per person. So if there will be 4 million passengers per year, the ticket on the train would have to cost 16.25 EUR per person for the income per year to be 65 million EUR per year, which is 10% of the initial investment cost.