Estonia, EU – Baltic States, Technology, Transport, USA

"Although the new transportation technology is still being developed and the main tests still lie ahead, Estonia must display interest and inquire how the new technology works and what are the costs involved," Ratas said according to spokespeople.

The idea behind Hyperloop is to develop a technology for the transportation of passengers and goods inside capsules put inside vacuum created in special tunnels at speeds of up to 300 meters per second or 1,080 kmh in an environment of near zero air pressure.

A technology similar to Hyperloop is currently in use under the name of pneumatic mail, by which excess cash is transported from checkout stands to back offices at supermarkets, for instance. If the capsules were made big enough to accommodate a busful of people or a sea container, for instance, the developers of Hyperloop are convinced that the world would no longer be the same, the Estonian government press office said on social media.

"Whether and how the superfast connection could provide a good opportunity for growth and creation of new jobs, time will show," the prime minister said after the meeting.

Ratas said after the Aug. 24 meeting of the government that the purpose of the letter of intent to be signed with Hyperloop One is "rather symbolic, with Estonia expressing its readiness for cooperation."

"The government of Finland, the Finnish side has done something similar, it [the link] cannot stop in the middle of the Gulf [of Finland] after all. When both countries express this readiness, the relevant impact assessments have to be made, and a cost-benefit analysis of course," Ratas said.

"I definitely don't dare to say in what year, if ever, will Hyperloop start operating between the two cities. But it is true that the first tests without humans have been carried out, the wish exists to develop this thing further. I believe that Estonia has always stood out for it that when there are this kind of bold solutions, novel solutions, that we analyze them and are on board. This is the purpose of it. Estonia assumes no financial obligation with its signature under the letter of intent," the prime minister said at the Aug. 24 press conference.