Many people are calling the Istanbul Canal “the world’s most ambitious infrastructure project of the 21st century.”
Unfortunately, this claim falls flat on its face when we consider that this would be a project that has no real purpose. All it does is take away from other projects, like the Suez Canal or Panama Canal. Add to that the environmental disasters and displacement of communities, and it becomes evident that there is no rational reason to build this canal except for greed.
1. It takes away from more important projects, such as the Suez and Panama Canals
While the Istanbul Canal will be adding a new shipping route, this alternate route is not necessary. Many ships that would be using this route have already taken other routes, such as traveling from the Black Sea to the Mediterranean Sea through Russia. The fact that so many ships have been able to take these alternative routes shows that the routes are already strong enough for some of the vessels who would otherwise use this canal.
Even if some of these ships were unable to use the alternative routes, there are still other ways for them to get their cargo from the Black Sea to the Mediterranean. They could continue their journey by going through the Suez Canal, or they could travel through Russia on smaller routes.
The amount of cargo that will be transported on this new route is small enough that it can safely be ignored. Its impact is next to nothing, and it will not have much of an impact on global trade.
This canal would not serve a large amount of ships, so it does not make sense to build it.
2. It’s a bad solution for traffic congestion in the Black Sea
Traffic has been increasing in the Black Sea, but the Istanbul Canal is an extremely inefficient way to solve this problem. In order for traffic to be reduced, you need efficient infrastructure and solutions that work with the flow of people.
In this case, it makes more sense to build roads and railroads. Roads are more efficient and cheaper than waterways. They allow for much higher levels of traffic, and they can be built much quicker. Railroads are even better, since they have a much higher capacity than roads and can be built even quicker.
3. It’s expensive and unnecessary
The total cost of this project is expected to be around $40 billion, which is far from cheap. This is also not the only cost that will be involved in building this canal. Many of the costs are not included in this estimate, such as the cost associated with environmental damage, reconstruction of coastal cities, and resettlement expenses for people who will lose their homes.
This canal does not bring any economic benefits to Turkey. It may even cause problems for its economy since its construction sector is so dependent on global markets. This could lead to an economic recession or even a financial crisis if global markets crash suddenly.