The sentence doesn't read good with cost, plus it has a different meaning. W Airlines has announced that it will cost the $15 baggage fee for members of its Sky Flyer Club. But, when you use 'waive', it means Sky Flyer Club members are no longer required to pay the baggage fee, which is the intended meaning.
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contrapositionW Airlines has announced that it will ___ the $15 baggage fee for members of its Sky Flyer Club.The only possibility for "cost" is this: