In the aftermath of the Francis Scott Key bridge collapse, the US swiftly allocates $60 million to Maryland for rebuilding efforts. Concurrently, insurers brace for unprecedented claims in what could be a record-breaking event.

On Thursday, the US government allocated an initial $60 million (€55.6 million) in emergency aid to Maryland for debris clearance and the initial stages of rebuilding the collapsed Francis Scott Key Bridge in Baltimore.

Governor Wes Moore of Maryland had promptly requested $60 million in federal emergency funding, and his appeal was swiftly approved.

Moore emphasized the collaborative efforts between the government and industry in investigating the site, including the wreckage removal process.

Describing the funding as essential, the Democratic governor stressed its importance in setting the groundwork for a swift recovery.

In the early hours of Tuesday, the Baltimore bridge plunged into the Patapsco River after being struck by a large container ship. Tragically, six individuals, who were repairing potholes on the bridge at the time, lost their lives in the collapse. Two bodies have been retrieved from the water, while two survivors were successfully rescued.

President Joe Biden has committed to covering the entire cost of rebuilding the bridge with federal funds. However, before that can happen, there's still the extensive task of removing the cargo ship, clearing debris from the collapse, and locating the four remaining bodies.

Governor Moore stressed the magnitude of the challenge, stating, "This won't be a quick process. It won't take days or weeks. We have a long journey ahead of us."

The $60 million request was submitted to the Federal Highway Administration to supplement funding from other agencies for initial response efforts.

The bridge collapse is anticipated to lead to unprecedented insurance payouts.

Lloyd's of London, a major insurer, noted it could be "potentially the largest-ever marine insured loss."

Lloyd's chairman, Bruce Carnegie-Brown, informed CNBC that insurance claims would encompass the bridge, the ship, and its cargo. However, the most substantial claims would arise from the "second-order impacts."

Carnegie-Brown explained, "A lot of business is going to be interrupted," citing ships unable to access certain parts of the port and vessels stranded due to the debris.

Transportation Secretary Pete Buttigieg highlighted the significance of the port as the largest entry point for vehicles into the US, including cars and heavy farm equipment. It sees a daily flow of goods valued between $100 to $200 million.

Governor Moore cautioned that beyond the immediate impact on port workers, over 140,000 individuals could face indirect consequences as the local economy suffers from the disruption.