Jet will exceed budget by €1.45bn

Airbus SAS’s development costs for the A380, the world’s biggest passenger jet, will exceed budgets by an “alarming’ €1.45 billion, European Aeronautic, Defence & Space Co. said.

The program will cost about 15% more than the original $10.7 billion projected, the upper end of a range Airbus gave three days ago, EADS Co-Chief Executive Rainer Hertrich told journalists in Munich yesterday.