In 2005 there was a plan to reinstate the westschleife of the old Austrian ring:
The remnants of the Westschleife of the old Austrian ring are still there, but would take millions to get back into usable shape. Furthermore in between the westschleife and the current track is a large hill preventing that westschleife to be incorporated back into the circuit in a flexible/creative way and a lot of housing pretty close to the track.
Now what if in stead the track was extended by means of an new to be created "eastschleife"?
To look around that area, follow this
link.
Looks like quite some potential for some epic sweeping corners and lots opportunities to incorporate more and more interesting Eau Rouge like elevation changes into the track following the available country side. Of course it would be very expensive as well, even more so than reinstating the westschleife. Given you have to pass parts where there are now tribunes and secondary roads.
Here is an example of what it could look like (of course there would be many different layouts possible):
