US, May 30, 2024: Baltimore’s economy suffered significantly when the Francis Scott Key Bridge collapsed recently. This bridge connecting Baltimore Harbor to the Chesapeake Bay is essential for passenger and freight movement in the city.
The repercussions of its recent closure have been massive since analysts say closing it could cost up to $15 million every twenty-four hours. One of the busiest ports in the United States is the Port of Baltimore, closed down entirely after what happened there, so it cannot be used by ships anymore.
It handles around fifty million tons of products each year worth eighty billion dollars, ranking it among the twenty best ports by weight-based measures but the first ten in terms of financial value. The stop in ship movement into the area directly affects about fifteen thousand people who work at the port itself and another one hundred and forty thousand who rely on it for their livelihood.
The bridge collapse has disrupted the complex supply chain, which depends on the port’s efficient functioning. Around 4,000 commercial trucks use the bridge every day such that there may be enforced delays from having to look for alternative ways as well as high gas prices.
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The coal market will probably feel the impact of the bridge collapse. Baltimore’s port, ranking second by 2023 in America, was designed to export coal. Nevertheless, though it may not affect the world so much since only six percent belongs to seaborne trades made from the U.S.A., the local effects can be pretty notable.
Despite the impediments, the economic aftermath of the bridge accident is expected by experts to be easily controllable in the course. Another thing is that the New York and Jersey harbor, which is the country’s second or third busiest harbor, can be able to accommodate some of the goods that are brought from Baltimore in the interim.
Furthermore, the United States economy, worth $28 trillion, would be significant for comforting disturbance without substantially impacting general growth. Nonetheless, the future outcomes of that bridge falling out are unknown.
Consequently, other business entities, together with their customers, should find other means of survival to serve out this very economic menace that was brought about by this unfortunate incident.
