"Currently, the project is on hold because our discussions with our existing and potential customers proved that most of them were anxious about the situation," project developer Data Valley Enterprises board member Teppo Tuomas Viljakainen told BNS. "This was the reason behind the delay."

According to Viljakainen, the security situation in Estonia has improved since the start of the Russian-Ukrainian conflict. "But I think that there is no point in u saying anything for certain until we have received confirmation from our customers that they are once again eager to join the project," he said. "When this happens, we will carry out the project as planned."

He added that if everything is back on track in one year and if the political and security situation does not change much, "then we have everything we need to move forward."

The establishment of the data warehouse was supposed to begin in several stages and at least two different locations in 2015 already. In Phase One, a server park 30,000 square meters in size was to be built at a cost of €170 million.

The facility would have eventually emerged as the largest data storage facility in Europe, situated on 200,000 square meters and offering its services to large businesses with global reach. The total size of the investment was planned to reach €600 million.