Gross underestimation.
"The Port of Baltimore is a critical area for America's economy and is ranked as the largest vehicle-handling port in the country. The bridge's collapse on Tuesday immediately blocked shipping lanes and forced the indefinite closure of the port.
The
economic impact of the bridge's collapse was estimated to be $2 million in wages a day and 8,000 jobs.
Between $100 million and $200 million of cargo passes through the port every day. About 4,000 commercial trucks use the bridge daily, and detours are expected to increase delivery times and fuel costs, according to Oxford Economics."
"It's too early to determine how long the port will be closed, Maryland Transportation Secretary Paul J. Wiedefeld
told reporters Tuesday."
The collapse of the Key Bridge is a global crisis," Moore said at a Wednesday
briefing. "The national economy and the world's economy depends on the Port of Baltimore," he added. The port handles more cars and more farm equipment than any other port in the country."
The port supports more than 15,000 direct jobs and more than 139,000 indirect jobs connected to the port, generating almost $3.3 billion in total personal income. It's closer to the Midwest than any other East Coast port and is within an overnight drive's distance from one-third of the country's population.
Several major companies — including Amazon, FedEx and BMW — have distribution warehouses and other facilities at an industrial park at the north end of the bridge, Bloomberg reported."
"Considering the bridge's role in facilitating interstate commerce and its position as part of the I-695 corridor, a major link in the Interstate 95 network, the disruption will snarl freight movements and create logistical challenges. This will lead to delays heading into Easter weekend and in the longer term, as well as increased costs for shipping and transportation industries, which will likely be passed on to consumers still feeling the lingering impacts of inflation.
Positioned near the Chesapeake Bay, the Port of Baltimore is strategically located near inland markets and serves as an important access point to an extensive network of highways and railways. The port is a critical contributor to the state's economy, supporting thousands of jobs directly related to port operations and many more in related sectors, including logistics, manufacturing and retail.
The port’s location facilitates the efficient distribution of goods to the economically vital Mid-Atlantic region and beyond. Importantly, the Panama Canal was expanded in 2016, thus allowing larger ships from Asia to move through and ultimately dock at Baltimore’s deep 50-foot shipping channel and port. This stretch of roadway, I-695, was an alternate route for oversized vehicles as well as hazardous material that are not allowed to transit through the Baltimore Harbor Tunnel for safety reasons."
With all due respect, The Wire isn't the place to gauge true economic impact of a disaster of this magnitude. It's why they call it a "ripple effect".