NORFOLK, Va. — Economic experts are weighing in on what the impact will be in Hampton Roads following the Baltimore Key Bridge collapse.
"It's a short-term gain versus a short-term loss," Vinod Agarwal, an economic professor at Old Dominion University, said.
Agarwal said if Hampton Roads sees an increase in business it will only be for a short time.
For example, both Carnival and Royal Caribbean have moved cruise ship routes into Norfolk.
"So that is a gain for some time until the port actually opens up," Agarwal said.
He said the other part that could impact Hampton Roads is where shipments are diverted.
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"Cargo that is supposed to go to the port of Baltimore is going to be diverted to Philadelphia, New York New Jersey and Hampton Roads," Agarwal said.
He believes the Port of Virgina is in better shape to take in more shipments as it's congestion-free.
However, he said any local economic impact is tied to the final destination of goods coming in.
"The cargo is not going to stay here, so the economic impact will be really small because most of the other cargo will be going to other places," Agarwal said.
The Port of Virginia said it does not expect a surge of ships but is prepared for whatever enters the port.
For those who are waiting for packages to come in, Agarwal says there may be some delay but it should not impact the cost of shipping.
"There will be some shipment delays of course but it's a very short-term problem," Agarwal said.
While other ports may see a little more influx during this time, Agarwal said this is devastating for Baltimore.
"Think of all the people who used to work there, what happens to them," Agarwal said.
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We will not likely know the full impact the closing of the Baltimore port has for the next few months.
"The question is what happens to the market share of New York/New Jersey, how much does it go up?" Agarwal said. "How much does it go up for the Port of Virginia and what is the impact on Charleston and Savannah? We'll be able to see that in about three or four months."
