Airspace: An Often-Overlooked Economic Resource

When we think of a country's economic resources, we typically imagine traditional assets like agricultural crops, mineral deposits, and natural resources. However, one often overlooked economic resource is a country's airspace.

As per the Chicago Convention on Air Transport signed in 1944, every country has sovereignty over its own airspace. This means that if an aircraft from one country wishes to cross the airspace of another, it must first obtain permission from the country that owns that airspace.

In the case of Sri Lanka, the country can generate significant revenue from airlines using its airspace. The Sri Lanka Civil Aviation Authority grants permission for aircraft to traverse the country's airspace, and in return, the airlines must pay fees based on the maximum take-off weight of the plane.

The fees are as follows:

• MTOW: 5,000 Kg to 90,000 kg - $100
• MTOW: 90,000 Kg to 175,000 Kg - $150
• MTOW: 175,000 Kg to 260,000 Kg - $200
• MTOW: Over 260,000 Kg - $250

(Maximum Take Off Weight - MTOW)

These fees add up quickly, providing Sri Lanka with a significant revenue stream from this often-overlooked economic resource - its airspace.

The challenge for smaller countries like Sri Lanka, however, is that powerful nations may sometimes default on these airspace fees, posing a potential risk to this income source. Nonetheless, the ability to charge for the use of a country's airspace highlights how traditional notions of economic resources may be expanding to include less tangible assets.

As we continue to evolve our understanding of a nation's wealth, the airspace above us deserves recognition as an important and valuable economic resource.