The report of the Blue Ribbon Panel was made available to me by a member of the media, which I read with care and I offer my initial response to it by commending the commission for its diligence, and thorough assessment and articulation of the information contained therein.

I have developed an appreciation for the decision that the Bermuda Government has made to support the construction of a new airport by Aecon and the Canadian Government. I am led to express my immediate response, as I realise this information will be tabled in Parliament in less than 24 hours and, as I had promised the public, that after I had taken a thorough look at the existing airport, I would provide my findings.

I determined that it was in terrible shape, as it was at high risk for winds and at greater risk from hurricanes. If we were to experience a major hurricane that did irreparable damage to the airport terminal, the whole of Bermuda would suffer because international business would cease to conduct its business from Bermuda. Tourism from an airline perspective would cease and locals would not be able to travel from destinations outside of Bermuda.

It is imperative that we move as quickly as possible because it has been predicted that in the future we can expect more and more intense hurricanes. We are racing against time and I do not want to see any delay in the process.

It is clear by this panel that the capital cost, operating cost and repayment are in keeping with traditional customs in building airports by government-to-government arrangements, which is the only way to do this without adversely affecting our credit ratings.

I cannot sit by without my warning the public that we are at a perilous stage, and I am not prepared to trivialise the pros and cons that would delay the development of a new airport.

•Sir John Swan was the Premier of Bermuda from 1982 to 1995