The funding, from the Department of Transport, is to allow for the Airport to remain operational over the next six months in their ongoing bid to find a new flight carrier.
There has been no commercial airline at the airport since VLM ceased it's Waterford- London Luton route last year, and the department have said they cannot guarantee future funding should a carrier fail to be found.
Minister of State John Halligan met with Transport Minister Shane Ross and members of the department earlier today.
He told WLR News that the investment will give the airport the opportunity to become viable.
"[Funding] will be made available in January, which secures the airport for this very important time period of time, for six months, which gives it an opportunity again to become viable."
