Posted on September 4, 2024
BALTIMORE — We’re learning more about the financial impact of the Key Bridge collapse.
On Tuesday, the Maryland Port Administration estimated $3 million in losses during the aftermath.
Cleanup of the fallen bridge forced the Port of Baltimore to shut down for nearly three months, leaving some temporarily out of work.
Operations started back up in mid-June.
Last week, the state selected Kiewit Infrastructure Co.to design and build a new bridge at a price tag of $1.23 billion, which is lower than initial estimates between $1.7 and $1.9 billion.
So far the Maryland Transportation Authority has only approved $73 million of that amount for designing the new bridge, a process which could take up to a year.
While President Joe Biden has vowed to have the federal government foot the entire cost of rebuilding the bridge, Maryland also collected a $350 million dollar payout from Chubb – the company that insured the Key Bridge
If things go according to plan, officials say a new bridge could be up by Fall 2028.
The project has already cleared two major environmental hurdles, receiving Categorical Exclusion classification and National Environmental Policy Act approval.
