The Biden Administration will be releasing $60 million in emergency funds to aid in recovery efforts following the collapse of Baltimore’s Francis Scott Key Bridge.
On March 26, the Dali containership crashed into the Key Bridge, sending a stretch of the span along with multiple vehicles into the water. Vessel traffic to the Port of Baltimore has been closed ever since, with no estimate for when it might resume.
The $60 million will come from the U.S. Department of Transportation’s Federal Highway Administration (FHWA) as a down payment to cover initial costs. Added money from the department’s Emergency Relief Fund will be made available in the weeks ahead.
Shortly after the incident, the Biden Administration pledged to have the federal government fully fund the project to rebuild the Key Bridge.
“The federal emergency funds we’re releasing will help Maryland begin urgent work, to be followed by further resources as recovery and rebuilding efforts progress,” U.S. Secretary of Transportation Pete Buttigieg said. “President Biden has been clear: the federal government will do everything it takes to help rebuild the bridge and get the Port of Baltimore back open.”
The Biden Administration’s Supply Chain Disruptions Task Force also convened on March 27 to review possible economic impacts. At that meeting, members got a situational briefing on response efforts, and shared real-time analysis of supply chain sectors that could be affected in the weeks ahead.
The largest concern from many has been the potential impact to automobile imports, given that the Port of Baltimore is the nation’s number one automotive import hub. That said, both Volkswagen and BMW terminals can still be accessed, according to INVERTO principal Patrick Lepperhoff, who noted that only the Mercedes-Benz terminal is blocked by the collapse of the bridge.
