Posted on 03/28/24
| News Source: Pikesville Patch
Baltimore, MD - Mar. 28, 2024 - As plans form to clear a disabled ship and the debris of the Key Bridge so Baltimore's port can reopen, Maryland authorities on Thursday requested an initial emergency relief funding of $60 million from the Biden Administration.
Analysts at Barclays told CNN insurance claims from the catastrophe that has closed the nation's ninth-busiest port could range from $1 billion to $3 billion. The bridge by itself could be worth more than $1.2 billion, said Loretta Worters, a spokesperson for the Insurance Information Institute.
When President Joe Biden spoke about the fatal Key Bridge collapse in Baltimore, he vowed that, with the help of Congress, the federal government would pay for the entire cost of the cleanup, as well as construction of a new bridge and Interstate 695 section.
Rep. Dan Meuser (R-Pa.) criticized President Biden on FOX News Thursday for promising the federal government will foot the bill for the cleanup and rebuild.
“It was kind of outrageous immediately for Biden to express in this tragedy the idea that he’s going to use federal funds to pay for the entirety [of the bridge],” Meuser told Fox News, The Hill said. “First reaction, frankly the only reaction, tends to be to spend.”
Money from the Singapore government, where the ship MV Dali is registered, should be sought to pay cleanup and recovery costs, or pursue an insurance payout from the shipping company, he said.
“We just can’t take the easy route all the time and just try to spend the taxpayers’ money,” Meuser said. “There’s no thought. Just spend."
Gov. Wes Moore said the Maryland Department of Transportation asked for the $60 million to pay for initial mobilization, operations and debris recovery from the collapse of the Francis Scott Key Bridge in Baltimore.
“President Biden and all our federal partners have given Maryland tremendous support as we face an overwhelming tragedy impacting our state, our region and the people of Baltimore,” Moore said. “This initial emergency relief request is needed for our immediate response efforts, and to lay the foundation for a rapid recovery.”
The request, made from the Maryland Department of Transportation and the Maryland Transportation Authority to the Federal Highway Administration, is needed for the state to proceed with debris removal, demolition, traffic operations and other emergency needs related to the March 26 bridge collapse.
A heavy lift crane vessel will arrive at the Port of Baltimore late Thursday to help clear debris from the site as the federal government reiterates its pledge to surge resources, a White House adviser told CNN.
The potential cost of insurance claims from the bridge collapse could be between $1 billion and $3 billion, analysts at Barclays wrote in a note Wednesday.
The request letter from Maryland Transportation Secretary Paul J. Wiedefeld says the state, along with federal and local partners, continues to conduct damage assessments, emergency operations and recovery efforts throughout the disaster area, and seeks federal assistance in response to “an emergency of this magnitude.”
The March 28 letter seeks “quick release” of the $60 million, and notes that additional federal allocations will be requested, in line with President Biden’s commitment that the federal government fully fund all costs associated with this incident.