The impact of an elastic plate onto the compressible fluid without free surface deformation is considered. The ability of the liquid volume to be deformed is geometrically limited which leads to severe impact conditions. The present analysis is focused on the stresses in the plate and the hydrodynamic loads under the impact. The motivation for this research comes from ship hydrodynamics, where the hulls of a catamaran restrict the liquid outflow and the water impacts onto the wetdeck. The influence of the air on the impact process is investigated. The analysis did not reveal any great advantage of utilizing the air-cushion effect or ejection of air into the water near the impact region to prevent high stresses in the elastic plate. It was found that in the problem considered, the stress peaks far from the plate centre and the one-mode approximation does not provide correct information about the stress level.