In a recent interview with the ABC News reporter, the Maryland Governor Wes Moore accentuated on the economic volatility fueled by the collapse of the Francis Scott Key Bridge in Baltimore, Maryland.
He said, “The bridge is responsible for about $191 million of economic activity a day.”
The 47 year old bridge crumbled after a Singapore-flagged cargo ship, Dali crashed into the bridge post midnight on Tuesday, 26th March.
The Baltimore bridge stretching for about 2.6 km, was at the center of numerous economic affairs; assisting transportation vehicles in carrying huge bulks of daily consumable goods and benefitting about 8000 livelihoods. Thus, the annihilation of the Baltimore bridge poses severe threat on the International trade forcing the state authorities and the Federal administration to undertake quick financial measures for its reconstruction and to restore its economic power.
In his statement addressing the local media, the United States Secretary of Transportation, Pete Buttigieg quotes, “This is no ordinary bridge. This is one of the cathedrals of American infrastructure. So the path to normalcy will not be easy. It will not be inexpensive. But we will rebuild it together.”
The recovery will surely be time consuming, but enough resources are being sidelined to reoperate the bridge.
The President of the United States, Joe Biden, conveyed the urgency of the matter in his recent address in the White House pronouncing the Federal plan of action to foster the reconstruction at the earliest.
The severe economic implications
The gigantic four wheelers carrying tons of household goods crosses through the Francis Scott Key Bridge everyday to reach the 3,50,000 square feet warehouse – CAPITOL EXPRESS AND WAREHOUSING INC. situated in Maryland. In the light of the recent development, the Vice President/Chief Operating Officer of the warehouse, John Schmidt, spoke briefly of the economic consequences spawned by the collapse.
“Your product might take a little longer to reach you.” He exclaimed.
The Baltimore port is one of the three main ports on the east coast. It is the busiest port for cars; facilitating 35,000 daily commuters. Also, handling over $80 billion goods last year, the economic significance of which is unprecedented. The bridge necessitates the employability of around 15,000 workers.
In another media interaction, the U.S Secretary of Transportation reiterates the extraordinary wave of economic challenges that the government has to resolve. He said, “There is no question that this will be a major and protracted impact to supply chains.”
Apart from the reverberating consequences on the on-site warehousing facilities, the impact of the collapse has been experienced by Multinational corporations and online e-commerce platforms. Amazon, FedEx, Walmart and many others have undertaken the due responsibility to assess the impact of the Baltimore bridge collapse on their individual business plans. Before authorities could kick start with the Project rebuild, many key operations are underway; removing the debris takes the first seat.
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