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Climate Change Cripples Panama Canal. Fixing it Could Take Years

"Parched conditions have crippled a waterway that handles $270 billion a year in global trade," reports Bloomberg. "And there are no easy solutions. "The Panama Canal Authority is weighing potential fixes that include an artificial lake to pump water into the canal and cloud seeding to boost rain...

Some shippers are paying millions of dollars to jump the growing queue, while others are taking longer, costlier routes around Africa or South America. Under normal circumstances, the Panama Canal handles about 3% of global maritime trade volumes and 46% of containers moving from Northeast Asia to the US East Coast... The project, along with additional conservation measures, will cost about $2 billion, Erick Córdoba, the manager of the water division at the canal authority estimates.

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