We wouldn’t see this as more than a start. The $8 million in funding is unlikely to come anywhere close to reconstructing the telescope. We’ve asked the NSF for comment on the financial pledge, but it’s safe to presume a revival would require additional help.
The funds still represent an important step. They signal the territory’s commitment to Arecibo and its space studies despite the loss. They might also spur some in the US government to devote the extra funding needed to resurrect the Observatory. Don’t be surprised if 2021 is a brighter year for the facility, even if any rebuilding effort is likely to take much longer.