The US government has granted Maryland $60 million in emergency funds to reconstruct the collapsed Francis Scott Key Bridge in Baltimore.

What Happened: Maryland Governor Wes Moore requested the emergency funds, which were promptly approved by the U.S. Department of Transportation's Federal Highway Administration, Reuters reported on Friday. President Joe Biden had earlier instructed the federal government to expedite the rebuilding process due to the bridge's crucial role in Baltimore's highway system.

The funds will be used for operations, debris removal, and mobilization, setting the stage for a swift recovery. However, a team of experts must first assess how to remove the stuck vessel, loaded with thousands of containers and trapped by bridge debris. The U.S. Army Corps of Engineers is bringing in the largest crane on the Eastern Seaboard for this task.

With the final cost of rebuilding the bridge potentially escalating to at least $2 billion, additional funding will likely be sought as damage assessments progress. The U.S. Congress will need to fund the construction of a replacement bridge, marking a significant financial undertaking for the country.

Why It Matters: The Francis Scott Key Bridge's collapse resulted from a cargo ship operated by Synergy Group and chartered by Danish shipping giant A. P. Moller Maersk, losing power and striking a support column.

This catastrophic event has led to a potential insurance payout of up to $4 billion, surpassing the previous record of $1.5 billion from the 2012 Costa Concordia cruise ship disaster. The investigation is ongoing, with contaminated fuel being considered a potential cause for the cargo ship's loss of power.

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