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Thread: 11 Most Expensive Catastrophes in History!!

  1. #1
    Senior Member road kill's Avatar
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    Default 11 Most Expensive Catastrophes in History!!

    # 11. Titanic - $150 Million


    The sinking of the Titanic is possibly the most famous accident in the world. But it barely makes our list of top 10 most expensive. On April 15, 1912, the Titanic sank on its maiden voyage and was considered to be the most luxurious ocean liner ever built. Over 1,500 people lost their lives when the ship ran into an iceberg and sunk in frigid waters. The ship cost $7 million to build ($150 million in today ’ s dollars).
    # 10. Tanker Truck vs Bridge - $358 Million
    On August 26, 2004, a car collided with a tanker truck containing 32,000 liters of fuel on the Wiehltal Bridge in Germany . The tanker crashed through the guardrail and fell 90 feet off the A4 Autobahn resulting in a huge explosion and fire which destroyed the load-bearing ability of the bridge. Temporary repairs cost $40 million and the cost to replace the bridge is estimated at $318 Million.
    # 9. MetroLink Crash - $500 Million
    On September 12, 2008, in what was one of the worst train crashes in California history, 25 people were killed when a Metrolink commuter train crashed head-on into a Union Pacific freight train in Los Angeles . It is thought that the Metrolink train may have run through a red signal while the conductor was busy text messaging.. Wrongful death lawsuits are expected to cause $500 million in losses for Metrolink.

    # 8. B-2 Bomber Crash - $1.4 Billion
    Here we have our first billion dollar accident (and we ’ re only #7 on the list). This B-2 stealth bomber crashed shortly after taking off from an air base in Guam on February 23, 2008. Investigators blamed distorted data in the flight control computers caused by moisture in the system. This resulted in the aircraft making a sudden nose-up move which made the B-2 stall and crash. This was 1 of only 21 ever built and was the most expensive aviation accident in history. Both pilots were able to eject to safety.


    # 7. Exxon Valdez - $2.5 Billion
    The Exxon Valdez oil spill was not a large one in relation to the world ’ s biggest oil spills, but it was a costly one due to the remote location of Prince William Sound (accessible only by helicopter and boat). On March 24, 1989, 10.8 million gallons of oil was spilled when the ship ’ s master, Joseph Hazelwood, left the controls and the ship crashed into a Reef. The cleanup cost Exxon $2.5 billion.

    # 6. Piper Alpha Oil Rig - $3.4 Billion
    The world ’ s worst off-shore oil disaster. At one time, it was the world ’ s single largest oil producer, spewing out 317,000 barrels of oil per day. On July 6, 1988, as part of routine maintenance, technicians removed and checked safety valves which were essential in preventing dangerous build-up of liquid gas. There were 100 identical safety valves which were checked. Unfortunately, the technicians made a mistake and forgot to replace one of them. At 10 PM that same night, a technician pressed a start button for the liquid gas pumps and the world ’ s most expensive oil rig accident was set in motion.
    Within 2 hours, the 300 foot platform was engulfed in flames. It eventually collapsed, killing 167 workers and resulting in $3.4 Billion in damages.

    # 5. Challenger Explosion - $5.5 Billion
    The Space Shuttle Challenger was destroyed 73 seconds after takeoff due on January 28, 1986 due to a faulty O-ring. It failed to seal one of the joints, allowing pressurized gas to reach the outside. This in turn caused the external tank to dump its payload of liquid hydrogen causing a massive explosion. The cost of replacing the Space Shuttle was $2 billion in 1986 ($4.5 billion in today ’ s dollars). The cost of investigation, problem correction, and replacement of lost equipment cost $450 million from 1986-1987 ($1 Billion in today ’ s dollars).

    # 4. Prestige Oil Spill - $12 Billion
    On November 13, 2002, the Prestige oil tanker was carrying 77,000 tons of heavy fuel oil when one of its twelve tanks burst during a storm off Galicia , Spain . Fearing that the ship would sink, the captain called for help from Spanish rescue workers, expecting them to take the ship into harbour. However, pressure from local authorities forced the captain to steer the ship away from the coast. The captain tried to get help from the French and Portuguese authorities, but they too ordered the ship away from their shores. The storm eventually took its toll on the ship resulting in the tanker splitting in half and releasing 20 million gallons oil into the sea.
    According to a report by the Pontevedra Economist Board, the total cleanup cost $12 billion.

    # 3. Space Shuttle Columbia - $13 Billion
    The Space Shuttle Columbia was the first space worthy shuttle in NASA ’ s orbital fleet. It was destroyed during re-entry over Texas on February 1, 2003 after a hole was punctured in one of the wings during launch 16 days earlier. The original cost of the shuttle was $2 Billion in 1978. That comes out to $6.3 Billion in today ’ s dollars. $500 million was spent on the investigation, making it the costliest aircraft accident investigation in history. The search and recovery of debris cost $300 million.
    In the end, the total cost of the accident (not including replacement of the shuttle) came out to $13 Billion according to the American Institute of Aeronautics and Astronautics..

    # 2. Chernobyl - $200 Billion
    On April 26, 1986, the world witnessed the costliest accident in history. The Chernobyl disaster has been called the biggest socio-economic catastrophe in peacetime history. 50% of the area of Ukraine is in some way contaminated. Over 200,000 people had to be evacuated and resettled while 1.7 million people were directly affected by the disaster. The death toll attributed to Chernobyl , including people who died from cancer years later, is estimated at 125,000. The total costs including cleanup, resettlement, and compensation to victims has been estimated to be roughly $200 Billion. The cost of a new steel shelter for the Chernobyl nuclear plant will cost $2 billion alone. The accident was officially attributed to power plant operators who violated plant procedures and were ignorant of the safety requirements needed.

    # 1. 2008 Presidential Election- $800 Billion in the first two months…..
    The Obama presidency and his policies are doomed to fail. There is just no way that the American People can be taxed this much….unless you can make a pyramid stand on its pointy end.
    Stan b & Elvis

  2. #2
    Senior Member YardleyLabs's Avatar
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    It seems to me that the way you're measuring GWB ranks first at $5 trillion+.

  3. #3
    Senior Member road kill's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    It seems to me that the way you're measuring GWB ranks first at $5 trillion+.
    Sure it does.
    Stan b & Elvis

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    Senior Member K G's Avatar
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    Quote Originally Posted by YardleyLabs View Post
    It seems to me that the way you're measuring GWB ranks first at $5 trillion+.
    Only $14.9 billion of the above happened while Bush #43 was President....or are you blaming Bush for ALL of the other 9?

    Convenient math regards,

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

  5. #5
    Senior Member Nate_C's Avatar
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    Iraq war - $700 billion - We will wait and see if it will benefit us.
    Economic response - $1 trillion - Under Bush 700 Billion Bank bailout, 75 billion AIG, 15 billion Auto's, 100 billion misc bailouts including Lemand's, B&S..ect.. and Fed loans
    Katrina - $5 Billion

    I find this Obama bashing funny. I am OK with it as long as you don't say Bush was a success.

  6. #6
    Senior Member road kill's Avatar
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    Quote Originally Posted by Nate_C View Post
    Iraq war - $700 billion - We will wait and see if it will benefit us.
    Economic response - $1 trillion - Under Bush 700 Billion Bank bailout, 75 billion AIG, 15 billion Auto's, 100 billion misc bailouts including Lemand's, B&S..ect.. and Fed loans
    Katrina - $5 Billion

    I find this Obama bashing funny. I am OK with it as long as you don't say Bush was a success.

    I just reread the thread, I missed that post.

    Could you show me where anyone says that??
    Stan b & Elvis

  7. #7
    Senior Member YardleyLabs's Avatar
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    Quote Originally Posted by K G View Post
    Only $14.9 billion of the above happened while Bush #43 was President....or are you blaming Bush for ALL of the other 9?

    Convenient math regards,

    kg
    I'm not sure what you're talking about. The national debt increased by $5 trillion (round numbers) while Bush was President. The rate of growth in the national debt slowed down when Democrats gained control of Congress, increasing only with the bailout. The $5 trillion increase includes about half of the almost $1 trillion in bailout funds requested but not fully spent at the end of the Bush term. As of the end of the Bush administration, the total national debt as a percentage of GDP has hit levels last seen under Truman when we were still staggering under the debt left by WWII.

    By the way, if I were looking for a way to label the red sections of this graph, I would call it the Supply Side Fantasy. My biggest fear now i that some Democrats are beginning to sound as fiscally irresponsible as the Reagan/Bush Republicans.


    Last edited by YardleyLabs; 02-28-2009 at 06:02 AM.

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    Senior Member road kill's Avatar
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    Well, I look at your beautiful chart, it appears Carter did awesome!

    Maybe your right!

    President Obama, let's throw another TRILLION at the mess and blame President Bush.

    Problem solved!!
    Stan b & Elvis

  9. #9
    Senior Member YardleyLabs's Avatar
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    Quote Originally Posted by road kill View Post
    Well, I look at your beautiful chart, it appears Carter did awesome!

    Maybe your right!

    President Obama, let's throw another TRILLION at the mess and blame President Bush.

    Problem solved!!
    Carter was a terrible President. Increasing or decreasing debt is only one measure of a Presidency and only one measure of an economy. However, in almost all circumstances increasing the ratio of national debt to GDP during a period of economic growth will undermine the health of the economy.

  10. #10
    Senior Member K G's Avatar
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    Jeff Goodwin wrote:
    Originally Posted by K G
    Only $14.9 billion of the above happened while Bush #43 was President....or are you blaming Bush for ALL of the other 9?

    Convenient math regards,

    kg
    I'm not sure what you're talking about.
    Leave it to a liberal to convolute the issue....

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

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