The Kansai airport is built on the Osaka Bay, not built on an 'ocean.' Building a higher retaining wall was the latest frantic idea (making it an underwater airport?) before the settling 'reportedly' slowed. I use quotes because, well, because... never mind.
Japan economics 101:
Even though it loses money, another runway will be built. The pesky problem with airlines and passengers using other airports will be solved by... closing or restricting the use of the other airports, of course.
The airport may not make a profit, but that doesn't mean it's bad business. Think concrete and the construction industry. Japan is the world leader in concrete and cement. Japan pours more concrete every year than the U.S. does.
The U.S. construction industry employs about 1% of the workforce. Japan employs 14% of the population in the construction industry.
All those people and all that concrete circulate alot of money and if the people don't use the airport, they still pay for it by taxes supporting it and being used to build yet another airport just down the Bay from it so they can work to pay more taxes to build a dam project (ohh more concrete...) to work to pay taxes to build a money-losing highway (ohhh more concrete) etc...
There you have it.
And by the way, the slowing of the airport sinking was quite a disappointment. You can't pour more concrete for a retaining wall if the darn thing stops sinking, so I suspect the airport will soon be delcared to be sinking again.