What is the economic impact of the Baltimore bridge collapse?
The Hindu
baltimore bridge collapse: With vessel traffic at the Port of Baltimore suspended until further notice since Tuesday’s accident, experts warn of knock-on effects but say these should be manageable in the near term.
Diverted cargo and supply chain disruptions have left businesses rushing to avoid an economic hit following the collapse of a major bridge in Baltimore after it was hit by a cargo ship.
With vessel traffic at the Port of Baltimore suspended until further notice since Tuesday's accident, experts warn of knock-on effects but say these should be manageable in the near term.
Baltimore is the biggest vehicle-handling port in the country, including cars and heavy farm equipment, Transportation Secretary Pete Buttigieg told a press briefing.
He estimates there is between $100 and $200 million in value coming through the port daily, with "about $2 million in wages that are at stake every day."
He added in a CBS interview that ocean shippers, other ports and cargo owners are working to figure out where to divert ships headed that way.
Besides the direct hit to thousands of Baltimore port workers, Maryland Governor Wes Moore warned in a CNN interview that more than 140,000 people could be indirectly impacted by disruptions.
"The Port of Baltimore has such a significant economic impact, not just on my state," he said. The port handled over 50 million tons of foreign cargo last year.