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Depends on the time frame, no? Such a tunnel will exist for a long time (I assume)

Yeah, governments invest on a different timescale than corporations. An investment like this typically enables future investments by other actors and adds up to a lot more than what you see currently.

For example a train station doesn't just serve the current people who live there, but the new town and all the new buildings that will be built around it as well. Infrastructure improves land value often by many orders of magnitude more than it costs to build.

It is true cost-benefit for public works projects include the public benefit. But it is often not magnitudes more. Often projects basically scrape by on cost benefits larger than 1.0, after some creative accounting.

And yes, the timescales are larger, but they are still tied to interest rates. A benefit on the scale in 100 years can not be measured over that timescale.

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