The astronomical sum is more than triple the €450m it cost to build the 112,000gt Costa Concordia in 2006.
To put the €1.5bn in perspective with today's other major news, Norwegian Cruise Line will pay about the same amount, €1.6bn, for a pair of 164,400gt Breakaway-Plus ships.
Thamm spoke on the occasion of the successful first day of Concordia's refloating operation.
The salvage was initially estimated to cost in excess of $300m—dollars, not euros. That seemed like a whopping amount at the time.
And insurance analyst Numis initially estimated the insurance loss as between $600m and $800m, Bloomberg reported a few days after the deadly Jan. 13, 2012 grounding.
Last week The Insurance Insider reported the the total P&I claim had risen to $1.44bn.