Doncaster Sheffield Airport could potentially reopen in 2027 after South Yorkshire council leaders green lighting initial funding.
They approved funding of nearly £160 million.
However, the reopening will be for freight operations with passenger services relaunching in 2028.
The South Yorkshire Mayoral Combined Authority granted the funding and this year Munich Airport International was announced as the preferred operator to manage the airport.
Regional mayor Oliver Coppard said: “We are cleared for take-off. It is a great day, but it is the end of the beginning.”
“We have a load of work to do now to get the airport back up and running and to build that sustainable aviation and advanced manufacturing hub.”
The airport closed in 2022 and was served predominantly by leisure airlines offering sunshine holiday flights.
Coppard says reopening the airport would generate about 5,000 jobs, and add about £5 billionn to the economy over time.
“It’s got to be about what it contributes to economic growth, our ambitions, world class industries and broader opportunities with aviation,” he added.
Chancellor Rachel Reeves added: “This is a huge milestone for businesses and communities across South Yorkshire delivering better connections, jobs and economic growth.”
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