What is the economic cost of Baltimore’s bridge collapse?
- March 31, 2024
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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What is the economic cost of Baltimore’s bridge collapse?
Subject: Geography
Section: Eco Geography
Context:
- The Baltimore port’s closure could cost the economy $15m per day while insurers face up to $3bn in claims.
More on news:
- The collapse of a major bridge in Baltimore earlier this week has led to the suspension of vessel traffic at the Port of Baltimore, one of the busiest harbors in the United States.
- Attacks on the Red Sea by Yemen’s Houthi group have reduced traffic traveling through the Suez Canal, through which some 15 percent of the world’s shipping traffic passes.
- The Panama Canal, which handles 6 percent of the world’s maritime commerce, is experiencing decreasing water levels, reducing the canal’s capacity
About Baltimore bridge:
- The Francis Scott Key Bridge was a steel arch continuous through a truss bridge that spanned the lower Patapsco River and outer Baltimore Harbor / Port.
- Ports in Philadelphia, Wilmington, Delaware; Newark, New Jersey; Norfolk; Charleston, South Carolina; Jacksonville, Florida; and Georgia (Savannah and Brunswick) also could see additional cargo.
Why is Port important?
- The Port of Baltimore is the ninth largest US port in terms of overall trade volume.
- It handles cargo including automobiles, machinery, agricultural equipment, liquefied natural gas and sugar.
- The port processed 847,158 automobiles last year, according to figures from the state of Maryland. About 70 percent of these were imported.