Catastrophic economic impact of B.C. floods
The B.C. floods have crippled the flow of cargo in and out of Vancouver ports, further damaging already pandemic-strained supply issues. That presents a huge cost to the local and national economy.
"This supply chain delivers fuel, food, medicine and essential goods to Canadians and supports an agriculture sector that is facing catastrophic impact," said Oman Alghabra, minister of Transport Canada.
Sections of some major connector roads are washed away, bridges are destroyed, Highway 1 east is flooded and sections of the main rail corridors from Vancouver to points east are closed after some lines washed out. Vancouver is cut-off from the rest of the country.
In a statement, the Vancouver Fraser Port Authority said: "The Vancouver gateway is experiencing significantly disrupted rail and truck movement due to widespread flooding throughout the Metro Vancouver and Fraser Valley regions. Despite these impacts, marine terminals at the Port of Vancouver are still operating."
However, the cargo and supply lines could clog up with nowhere for the goods to go and no route in for exports.
Disrupted terminal operations are expected. Around noon on Thursday, there were 33 cargo vessels anchored in Burrard Inlet all the way up to Deep Cove. On Friday morning, the Vancouver Fraser Port Authority said it had 42 vessels at anchor.
Neither of the country's two rail lines have a timeline when repairs will be complete.
"CN crews continue to make progress on critical repair work following the mud slides and washouts that impacted CN’s rail network in British Columbia. Traffic through southern B.C., northbound and eastbound traffic from Vancouver, as well as inbound traffic to Vancouver from east/north of Kamloops are still affected by the situation," writes Mathieu Gaudreault, CN Railway senior advisor of medial relations.
Canadian Pacific Railway issued a statement saying, "CP's operations between Spences Bridge and Falls Creek, B.C., remain suspended following heavy rains that have resulted in multiple track outages."
"I'm going to use the word catastrophe," said Trevor Heaver, an emeritus professor with the University of B.C.'s Sauder School of Business. "We really don't have any precedent by which to judge the magnitude of the effect."
The supply chain disruption is the perfect storm coming in the wake of pandemic supply issues in the middle of the holiday shopping season.
Vancouver ports export about four times as much goods as imports, but either way the impact on the economy is significant.
"The economic impact of the flooding overall is going to have many ramifications and also for a long time, and it's also going to take a considerable time for our supply chains, import and export, to be able to get back to normal," added Heaver.
He expects it could be well into next year before we begin to see anything resembling normal.
CTVNews.ca Top Stories
BREAKING Iran fires air defence batteries in provinces as explosions heard near Isfahan
Iran fired air defence batteries early Friday morning as explosions could be heard near a major air base near Isfahan, raising fears of a possible Israeli strike following Tehran's unprecedented drone-and-missile assault on the country.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Judge says 'no evidence fully supports' murder case against Umar Zameer as jury starts deliberations
The judge presiding over the trial of a man accused of fatally running over a Toronto police officer is telling jurors the possible verdicts they may reach based on the evidence in the case.
Health Canada to change sperm donor screening rules for men who have sex with men
Health Canada will change its longstanding policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned. The federal health agency has adopted a revised directive removing the ban on gay, bisexual and other men who have sex with men, effective May 8.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Sports columnist apologizes for 'oafish' comments directed at Caitlin Clark. The controversy isn't over
A male columnist has apologized for a cringeworthy moment during former University of Iowa superstar and college basketball's highest scorer Caitlin Clark's first news conference as an Indiana Fever player.
'Shopaholic' author Sophie Kinsella reveals brain cancer diagnosis
Sophie Kinsella, the best-selling author behind the 'Shopaholic' book series, has revealed that she is receiving treatment for brain cancer.