Doncaster Sheffield Airport will close with flights to begin "winding down" next month, bosses have said.
The regional airport will be shut, likely costing 800 jobs directly and impacting 2,700 more.
Owners Peel Group has said that a strategic review concluded the airport was "not viable due to its lack of adequate forward revenues and high operating costs".
It was not announced when the airport would close, but 'winding down' is due to begin from October 31.
Do you work at the airport? Are you likely to lose your job? Email webtravel@reachplc.com
The decision to begin the shutting down process comes despite a reported offer of public money to keep the airport running until next year.
Prime Minister Liz Truss may now be called on to save the airport, after she told the House of Commons "we will protect this airport and this infrastructure" at the beginning of September.
The closure will have a major impact on the local area, meaning lengthy journeys for people looking to jet away and the loss of many jobs.
Robert Hough, chairman of Peel Airports Group, said: "We recognise that this will come as a great disappointment to many.
"The intractable problem remains the fundamental and insufficient lack of current or prospective revenue streams, together with the airport's high operating costs.
"Our employees have always been DSA's greatest asset, and we are grateful to them all, past and present, for their dedication and diligence over the years.
"The immediate priority remains to continue engaging closely with them over the next few weeks."
The company said that the business had been hit by the coronavirus pandemic, a shortfall in passenger numbers and the departure of operator Wizz Air.
Now TUI is the only carrier based at the airport.
South Yorkshire Mayor Oliver Coppard expressed dismay at the announcement, and called on central Government to intervene to stop its closure.
"I’m devastated and angry about the impact it will have on our communities," he said, the BBC reported.
"Most importantly, there are hundreds of people across Doncaster and South Yorkshire who will now be frightened for their future." 800 people work at the airport"
The airport opened in 2005 after it was converted by the Peel Group from the old RAF Finningley airbase.
More than six million people live within a 60 minute drive, with 1.3 million passenger travelling through there in 2017.
According to the Peel Group, it was the fastest growing airport in the UK between 2015 and 2017.
When he announced the review in July, Mr Hough said that Wizz Air's withdrawal had been a "significant blow for the airport".
At the time Shadow transport secretary and Sheffield Labour MP Louise Haigh said she has written to then transport secretary Grant Shapps asking him what he will do to save the airport, saying the announcement presents a "significant issue for the competitiveness of our city and region as a whole".
GMB organiser Sarah Barnes said: "This news will be a deep shock to many of our members at Doncaster Sheffield Airport where GMB has sole recognition.
"In the middle of a cost-of-living crisis the last thing our members and neighbouring communities need is uncertainty about their jobs and futures.
"During the pandemic we met with the Government to secure an economic package for aviation which would save regional airports.
"Ministers continue to bail out airlines like BA - who've slashed workers' pay using fire and rehire - but leave regional airports to struggle."
The suggestion that the airport could close led to protests, a petition signed by more than 100,000 people.
Today a Department for Transport spokesperson said: “The decision taken to close Doncaster Sheffield Airport by its owners is incredibly disappointing, not only for the passengers who use the airport, but also the businesses and staff based there.
“We strongly encourage local leaders and Peel Group to work together and find a solution for the site which will benefit local people and the region’s economy.”
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