There is a plan on the table to prevent the mass disruption that followed Monday's train derailment at Penn Station. It's called the Gateway Tunnel.

This would become the second rail tunnel under the Hudson river and provide four additional tracks.

Amtrak has been warning for years that the current tunnel could fail. It contains only two tracks, and has aging infrastructure — it was built in 1910.

John Porcari, interim executive director of the Gateway Development Corporation, says that the project is a key investment for the region. He says the Gateway is ready to go — it's just awaiting federal funding.

"Our parents, grandparents and great-grandparents paid for, designed and built the original tunnel. It's time for us to pay it forward for the next generation," he said. 

This isn't the first time a new tunnel has been proposed. Gov. Chris Christie canceled the ARC tunnel back in 2010, citing concern about cost overruns.