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passenger numbers peaked in 2007 at over 2 million, then the owners of the airport didn't invest in the airport, lost carriers and were basically allowing it to fail.
If the Welsh government hadn't stepped in in 2013 it would probably have closed already.
between 2013 and 2020 the Welsh government actually achieved impressive growth, and if it wasn't for COVID it would probably be over 2 million passengers by now.
unfortunately COVID happened and the industry was badly affected, smaller airports disproportionately so.
so now they need to try to grow passe get numbers gradually until they can get it back up to 2 million or so and then they will be able to attract more carriers and it would make further investment easier to justify etc.