A staggering amount of money is slipping away due to the Baltimore bridge collapse
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The Port of Baltimore is closed "until further notice" following the collapse of the Francis Scott Key Bridge. The closure alone will bring some $15 million of daily economic activity to a halt. The port alone contributes $15 million in daily economic activity, which will come to a near standstill. The closure will impact the railroads, the trucking industry, the regional distribution centers, commuters, and other segments of the economy. Baltimore's port is responsible for some 140,000 jobs. The port is specialized in autos and agriculture equipment, known as roll-on/roll-off cargo, as well as some bulk commodities, like coal. Container ships can largely be rerouted to other east coast locations, but it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume. The costs on land will be harder to compute, though no less disruptive to the local economy. The closure of the bridge will require vehicles to take a longer, slower alternate route. The first economic priority is reopening the port, and it will likely be a long time before a replacement bridge is completed. Baltimore's outlook has sank to the bottom with its number one economic asset compromised.

#Baltimore #BridgeCollapse #PortOfBaltimore #EconomicImpact

https://www.businessinsider.com/baltimore-port-closure-could-cost-15-million-per-day-2024-3