An additional £5 million has been added to the bill for the new ferry terminal in Liverpool due to delays caused by the Covid-19 pandemic.
The Isle of Man Minister for Infrastructure, Tim Baker, added that the figure would "increase significantly" as the project is "far from finished".
Unexploded bombs from World War 2 have also been discovered at the site and have had to be dealt with.
Speaking in the House of Keys, Minister Baker added "for a site as large and complex as this, a delay of one day comes with a price tag of approximately £8,000".
The latest estimated cost of the project was £38 million.
The building is the only construction project that the Isle of Man Government has ever committed to outside of the Island.
Completion of the project is now expected in 2022.
Minister for Infrastructure, Tim Baker MHK was speaking in Tynwald this morning in response to a question during a sitting of the House of Keys.