$60 Million Federal Aid for Baltimore's Key Bridge Collapse After Ship Crash

The US government has granted the state of Maryland $60 million in federal emergency aid in response to the collapse of the Francis Scott Key Bridge in Baltimore, a calamity that could present a rebuilding cost of up to $2 billion, according to federal officials.

The bridge collapsed early Tuesday morning following an incident in which a large cargo ship, having lost power, collided with its structure.

Maryland Governor Wes Moore made the request for $60 million on Friday, a petition that was swiftly approved by the Federal Highway Administration of the Department of Transportation USA within mere hours.

This rapid response is uncommon as such funding typically requires several days of consideration. However, President Joe Biden, addressing reporters on Tuesday, stated his directive for the federal government to "move heaven and earth" to expedite the bridge's reconstruction, as reported by Reuters.

"These funds are an initial advance towards the reconstruction costs, with more support from the emergency aid program anticipated as progress is made," the Department of Transportation declared.

Initial estimates for the rebuilding efforts, expected to be chiefly financed by the federal government, are around $600 million, according to IMPLAN, a firm specializing in economic analysis.

Nonetheless, federal officials have warned that the costs could escalate to a minimum of $2 billion, Reuters relayed.

Constructed in the 1970s, the bridge's main span measured 1200 feet, with a total length of 8629 feet, and served over 11 million vehicles annually.

The bridge was a crucial segment of Interstate 695, a beltway encircling Baltimore, commonly referred to as the Baltimore Beltway.