A massive flotilla of ships is currently stuck in the world's worst traffic jam at the Panama Canal — and it might not end for weeks.
The 50-mile-long canal, as the report notes, relies on rainwater to replenish it. When it doesn't rain enough, the authorities that control the canal have to reduce traffic through it to conserve water, and those that are allowed through have to pay higher fees to do so.
Daily traffic is currently capped at 32 ships, which is down from the prior average of about 36 when there's enough water for the canal — which uses more than 50 million gallons of waterRicaurte Vásquez Morales said during a press event that traffic restrictions may remain in place until the end of the year and added that it will cost the canal an estimated $200 million in lost revenue.
Beyond the regulatory and financial concerns associated with this massive backup, Vásquez Morales suggested that the drought also illustrates one of the biggest existential threats facing the canal as well. "We have to find other solutions to remain a relevant route for international trade," he said during the July press summit. "If we don't adapt, we are going to die.
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