It's known as a ground-effect craft or WIG (Wing in Ground). There are a number of different versions and designs out there.
Not for rough water...
One of the things that has slowed commercial development has been uncertainty regarding classifications. Is it an aircraft or a boat? Who is the regulatory authority? Aircraft certification regs don't apply, and marine regs aren't adequate for this type of craft. They fall into a kind of "grey zone".
Pilots know all about ground effect. It begins about one wingspan from the ground. You gain lift and airspeed just before touching town. If you come in too fast, ground effect will cause you to float waaaay down the runway just off the ground. If you flare too soon, the ground effect can put you back into a climb, suddenly you are 40-50 feet in the wrong direction. Now you are too high and too slow, and you better put in the power and go around or you are in for a hard bounce!
I'd love to fly a WIG just to say I've done it, but fast and low is a high-stress environment with no margin for error. I don't think I'd want to fly one for a living...
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