Fare and toll increases, wage freezes, service cuts and even a state gas tax were discussed Wednesday as the nation�s largest transit agency stared down a gaping budget hole caused by the coronavirus pandemic.

The Metropolitan Transportation Authority painted a bleak financial picture at its monthly board meeting as it gave a preliminary look at its budgeting for the next few years amid the fallout from the pandemic, which has decimated revenues from subways, buses and rail lines. A final proposed budget is expected to be presented in November, with a vote to follow in December.

MTA officials said Wednesday that even if the federal government, which has already supplied nearly $4 billion in aid through the CARES Act, pledges billions more this summer, the authority will still face a deficit of more than $5 billion for next year.

Before the pandemic hit, the MTA had projected surpluses for 2020 through 2022.

�This is a once-in-100-years fiscal tsunami,� MTA Chairman and CEO Patrick Foye said Wednesday.

Subway ridership, which normally surpasses 5 million daily, dropped by more than 90% at the height of the pandemic in the spring. Bus ridership also fell sharply, as did vehicle traffic at MTA-operated toll bridges and tunnels.

The MTA is also spending hundreds of millions of dollars to clean and disinfect all subway cars and stations to combat the virus�s spread, and took the unprecedented step of shutting down overnight service to help accomplish that goal.

About 2 million riders used subways and buses on Monday, Foye said, continuing a gradual return by commuters but still far below normal numbers.

The MTA is seeking about $4 billion more from the federal government and has already identified more than $1 billion in savings for next year, Foye said. The initial $3.9 billion in federal aid will run out this month, he said, and he added that even if the government provides what the MTA is asking for, �we cannot cut our way out of this crisis.�

Chief Financial Officer Robert Foran said higher fare hikes than those already envisioned in the current capital plan are a possibility. The last fare increases went into effect in 2019.

Board member Lawrence Schwartz called fare hikes �not a solution � New Yorkers are already burdened by high fares.�

Board member David Mack raised the possibility of implementing a state gas tax similar to one passed in New Jersey in 2016 that funds transportation projects.

Board member Andrew Albert also suggested a gas tax as part of a broader goal of lessening reliance on the federal government.

�We�re relying on people who don�t understand the New York lifestyle, for our lifestyle,� he said.

(AP)