Unfortunately I can confirm that if the required money is not raised, then 558 will be scrapped. She is in bits at the moment and the capital is required to just put her back together.
The whole project is very impressive, and if the lottery does come up with the money (which seems likely) the scheme should go ahead.
I am however very concerned by certain aspects, specifically the assertion that the safety record of the in-service Vulcans is being used to justify the airworthiness, despite this aircraft being operated under different circumstances.
The assertion that the a/c will not be flown in the same manner as the original display Vulcans, does baffle me somewhat, the sheer size of the old girl compared to a small display box means that she will have to be flown "spirtedly" to remain anywhere near the crowd view.
No other Vulcan will ever be flown, they simply don't have the manufacturer backup. The CAA is on-board with this project, but have categorically stated that they would not aid any of the other projects.
It will be great to see her flying and then onto Duxford when she is no longer airworthy, but I do wonder whether the money could be better spent on a range of different machines.