Before the opening of the new Munich International Airport and the termination of the old airport, children near both sites were recruited into aircraft-noise groups (aircraft noise at present or pending) and control groups with no aircraft noise (closely matched for socioeconomic status). A total of 326 children (mean age = 10.4 years) took part in three data-collection waves, one before and two after the switch-over of the airports. After the switch, long-term memory and reading were impaired in the noise group at the new airport. and improved in the formerly noise-exposed group at the old airport. Short-term memory also improved in the latter group after the old airport was closed. At the new airport, speech perception was impaired in the newly noise-exposed group. Mediational analyses suggest that poorer reading was not mediated by speech perception, and that impaired recall was in part mediated by reading.