German federal transport minister Wolfgang Tiefensee announced the decision after a crisis meeting in Berlin at which industry representatives reportedly revealed that costs had risen from €1.85 billion to well over €3 billion ($4.7 billion).
The Lathen train collision occurred on 22 September 2006 when a Transrapid magnetic levitation (or "maglev") train collided with a maintenance vehicle near Lathen, Germany, killing 23 people.
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Currently the only Transrapid maglev in commercial operation is a Transrapid line in Shanghai, linking Pudong International Airport with the outskirts of the city.