A study by Belfast City Council estimated the cost of restoring "Nomadic" at £7 million. Belfast Harbour Commissioners have agreed to provide a temporary berth for the ship, and a charitable trust to co-ordinate fundraising for the restoration has been set up. Now that the vessel is on the United Kingdom's National Register of Historic Vessels, the project should qualify for a National Lottery grant application, which should greatly enhance existing funds of £60,000 from a public appeal and £100,000 from .
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