A huge amount of money is lost due to the collapse of the Baltimore Bridge

Following the devastating collapse of the Francis Scott Key Bridge in Baltimore on Tuesday, the extent of the economic damage is gradually becoming clear.

And it’s huge.

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The cost of losing an important trade route

In addition to the number of lives lost, dollar amounts are also rising “as one of the nation’s most critical ports closes and a major highway link is severed.”

So says a Business Insider report.

“Experts told Business Insider that the port alone contributes $15 million to daily economic activity, which will come to a virtual standstill until further notice.”

“That’s just the beginning,” Insider added.

The story continued:

“It’s not just the Port of Baltimore that’s been affected,” Anirban Basu, economist and founder and CEO of the Baltimore-based Sage Policy Group, told BI. “It’s also the railroads, the trucking industry, the regional distribution centers, commuters and other segments of the economy.”

Basu said these factors will push daily losses into the tens of millions of dollars until the shipping lane reopens.

“The tentacles here reach far,” he added. “And they are all negative.”

Although far from the largest port in the U.S., Baltimore is one of the more specialized terminals for automobiles and agricultural equipment, also called “roll-on/roll-off” cargo, and some bulk commodities such as coal.

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A new bridge in Baltimore will take some time

“Daraius Irani, the chief economist at the Regional Economic Studies Institute at Towson University in Maryland, told BI that the port is responsible for about 140,000 jobs, although he does not expect these to be at significant risk as long as operations resume quickly. Business Insider added. “If it lasts 60 days or 90 days, it could have a more damaging effect in the longer term,” he said.

The Key Bridge opened in 1977 and was crucial for travel in the area. An important link for citizens and businesses.

It will be some time before the city can build a replacement bridge.

What that can do to the economy remains to be seen. But it doesn’t bode well.