Red Sea. Suez canal and Loss of billions of dollars to the the world and Egypt.

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By vexwift.com

12% of the world’s total trade and 30% of global container traffic passes through the Suez Canal.
Over 1 trillion dollars worth of goods are transported on this route annually. Egypt earns 276 billion Egyptian pounds ($8.9 billion) annually from the Suez Canal.

The ships enter the Red Sea by passing through this canal. After the attacks on the ships in the Red Sea by the Houthis, many containers shipping companies including 4 of the top 5 largest shipping companies in the world, stopped passing through this route. After which Egypt is having an impact on the revenue from ships passing here. If this problem continues for a month, Egypt will have to suffer a loss of 20 billion Egyptian pounds.

The closure of Suez Canal will affect not only Egypt but also other countries of the world. According to a study by Allianz, each single day the Suez remained blocked could decrease global annual trade growth by 0.2-0.4% and cost USD $6-10 billion and, or the equivalent of USD $400 million per hour.

If it is closed for a long period of time, ships carrying goods between Asia and Europe will have to go through the other side of the African continent.For this, an additional 9000 km will have to be covered and an additional 20 to 30 days will be required.

Germany is sending F-221 frigate for Western Joint Action in the Red Sea.

Israel is sending destroyers to the Red Sea.

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