According to Infrastructure Minister Tim Baker, the money was needed to tackle "unforeseen problems", such as staffing difficulties, shortage of materials, costs associated with meeting Coronavirus/COVID rules.
Some GBP 38 million has already been approved for Liverpool's new ferry terminal (works on which started in November 2019) and the project was already GBP 5M over budget.
In April 2021, Mr. Baker said that the spending had run to GBP 5 million over budget and was likely to "increase significantly".
The new ferry terminal is being built at Princes Half Tide Dock, not far from the terminal at Pier Head.
The development, due to be completed in March next year, is now "likely to move into the following year", Mr. Baker has warned. He added that the effects of the pandemic continued to be felt and "should not be underestimated in a project of this scale."
Other challenges outlined by the Department of Infrastructure include "protecting the quay wall from possible future damage", along with finding hundreds of voids, culverts, shafts that needed "urgent remediation".
The project is to be debated at the July sitting of Tynwald.