Senator Chris Van Hollen outlined the steps to cover the costs of the Baltimore Key Bridge collapse, stating that an assessment is currently ongoing to determine the full extent of the recovery expenses.
The breakdown of how the costs will be managed is as follows:
- Emergency Fund: Approximately 90% of the bridge's reconstruction costs will be covered by the Federal Highway Administration's emergency fund. This fund, which is replenished with around $100 million annually through appropriations, currently holds approximately $950 million. While other projects also rely on this fund, Van Hollen emphasized that the rebuilding process will span several years, allowing for the fund to be replenished gradually through annual appropriations. He mentioned that Maryland has formally requested funds from the emergency relief fund.
- Supplemental Request: Van Hollen and Senator Ben Cardin are collaborating to determine the requirements for a supplemental request to cover the remaining 10% of the bridge reconstruction expenses not covered by the emergency fund. They anticipate swift action upon Congress's return, although the passage of a supplemental request in the next work period is not guaranteed.
- Offsetting Costs: Van Hollen opposed the idea of offsetting spending, which some Republicans have suggested, stating that emergencies like this are traditionally addressed through supplementals.
- Clearing the Blocked Channel: Another crucial aspect that needs attention is the clearing of the channel. Van Hollen mentioned that the Army Corps of Engineers will bear the entire cost of this aspect of the recovery.
Senator Van Hollen's detailed plan provides insight into how the costs of the Baltimore Key Bridge collapse will be managed, ensuring that the necessary funds are allocated efficiently and effectively.
