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I'm not sure of the cost. But, the water pump is connected to
the timing belt. Failed water pumps (siezed, I assume) have caused
the timing belt to fail. When the timing belt fails the pistons
and valves typically "interact" in a manner that causes a couple
thousand dollars worth of damage (they smash into each other).
You should not put off having the water pump fixed.
Any chance it froze up? Sounds darn cold up there.
Some 1994s also have a requirement for pretty frequent timing
belt changes (every 50K miles, I think). If you are near that
also budget in a new timing belt (about $45). Labor should not
be much higher since the timing belt must be pulled off to replace
the pump.
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