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THE RESILIENCE OF AIRPORT RENOVATION PROJECTS: THE CASE OF PULKOVO AIRPORT
This work is dedicated to testing the updated methodology for assessing the resilience of airport renovation projects to large-scale events, based on cost-benefit analysis. The methodology was adapted to the conditions of the Russian aviation sector and takes into account both passenger and cargo transportation. Based on the updated methodology, Pulkovo Airport was evaluated and proven to be resilient in the face of the COVID-19 pandemic. Additionally, due to the adaptation measures taken by the airport management in response to the pandemic, the airport was prepared for the challenges posed by the sanctions imposed in 2022. The NPV of the airport decreased by 3.03 times after the pandemic and by another 1.28 times after the imposition of sanctions. The benefit-to-cost ratio decreased from 3.91 to 2.42 and then to 1.96, respectively. However, the renovation project itself became unprofitable after the impact of the sanctions.