Why did Baltimore Bridge in US collapse and how much will it cost to fix it?

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Divers successfully recovered the bodies of two out of the six missing workers more than 24 hours after a cargo ship collided with Baltimore’s Francis Scott Key Bridge. The tragic discovery unfolded as divers found the bodies of two men inside a submerged red pickup truck in the frigid waters of the Patapsco River. On Tuesday, rescuers managed to pull two workers alive from the water, with one of them requiring hospitalization.

Of the six workers initially unaccounted for, two have now been identified as Alejandro Hernandez Fuentes, 35, of Baltimore, originally from Mexico, and Dorlian Ronial Castillo Cabrera, 26, of nearby Dundalk, originally from Guatemala. It was revealed during a press conference that the workers hailed from Mexico, Guatemala, Honduras, and El Salvador.

Following the devastating incident, efforts to recover bodies from the 50-foot-deep waters surrounding the bridge have been halted due to hazardous conditions. The construction crew, which was working on the bridge to repair potholes, witnessed eight individuals plummet 185 feet into the river, where the water temperatures were a chilling 47 degrees Fahrenheit. Fortunately, two workers were rescued, albeit with one sustaining injuries.

Authorities credited their swift response in preventing further casualties by swiftly closing off the bridge to incoming traffic upon receiving a mayday call from the ship. Moreover, the vessel deployed its anchors to decelerate, allowing time for the bridge to be cleared.

The question now arises: who will bear the financial burden of the damage, and what will be the cost? President Joe Biden pledged to personally visit Baltimore and advocated for federal funding to cover the bridge’s reconstruction. The Department of Transportation has already allocated $60 million in emergency relief funds for debris removal and initial rebuilding efforts. However, congressional approval would be necessary to secure funding for a complete replacement, reminiscent of the $250 million allocated after the 2007 bridge collapse in Minnesota.

Initial estimates project the reconstruction cost at $600 million, as reported by economic analysis firm IMPLAN. Nevertheless, federal officials have cautioned Maryland lawmakers that the final price tag could skyrocket to at least $2 billion, according to Roll Call. Insurers may also face substantial claims, potentially totaling billions of dollars, with one analyst suggesting a figure as high as $4 billion, which would mark a record shipping insurance loss.