Simply paste the following code into your functions.php file. Height can be adjusted on line 5.
add_action('admin_head', 'excerpt_textarea_height');
function excerpt_textarea_height() {
echo'
<style type="text/css">
#excerpt{ height:500px; }
</style>
';
}
Thanks to Spyre Studios for the cool hack!
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WordPress tip: Increased height of the excerpt field