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Creating a Brighter Future after Hurricane Katrina

The Port of New Orleans plays a crucial role in the national economy, supporting 380,000 jobs and generating $16.9 billion in earnings annually. Despite the devastation of Hurricane Katrina, the port has rebounded, with the first cruise ship returning in 2006 and ongoing initiatives to enhance its capacity. Economic impacts show significant job creation and tax revenue, alongside the urgent need for mitigation funding after the storm altered navigation routes. With developments like the new Erato Street Cruise Terminal, the port is paving the way for sustainable recovery and growth.

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Creating a Brighter Future after Hurricane Katrina

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  1. Rebuilding the Port of New Orleans Creating a Brighter Future after Hurricane Katrina

  2. National Impact of Port of New Orleans • 380,000 jobs in U.S. related to Port’s Cargo • Cargo creates $16.9 billion in annual earnings • $37 billion in national economic output is supported by Port’s cargo • Cargo creates $2.8 billion in federal tax revenue

  3. Aug. 29: Katrina Strikes

  4. MARAD Ships Provide Shelter for Port Workers

  5. Sept. 12: First Steel Shipped by Barge

  6. Sept. 13: First Ship Calls Port

  7. Dec. 31: First Cruise Ship Call

  8. Feb. 28 – Today: 100% of Cargo Activity

  9. Katrina’s Financial Impact FY ‘07 FY ‘06 Revenue Projected (Pre-Katrina) $48 million $43 million Revenue Revised (Post-Katrina) $40 million $35 million Projected Revenue Reduction $8 million $8 million

  10. Facility Damage Total Estimated Damages: $230 million Potential Insurance Recovery $150 million Potential FEMA Recovery $55 million Unrecoverable: $25 million

  11. 2005 Monthly General Cargo Comparison

  12. 2006 Monthly General Cargo Comparison

  13. Mississippi River Gulf Outlet

  14. MRGO Businesses - Direct Jobs • Maersk: 150 Jobs • New Orleans Cold Storage: 200 Jobs • Buzzi Unicem: 53 Jobs • Bollinger: 400 Jobs • Vulcan : 2 Jobs • CG Rail: 80 Jobs • Southern Scrap: 100 Jobs Total: 1,000 Jobs Total Direct and Indirect: 9,000 Jobs Annual Economic Output: $2.29 billion

  15. Mitigation Funding Needed • Katrina reduced draft of the MR-GO from 36 feet to 21 feet rendering it unusable for deep draft navigation • MRGO will be closed to deep-draft navigation • Marine Terminals & Industries, which invested hundreds of millions of dollars based upon the reliance in good faith that the MRGO could be maintained as authorized, should be compensated or relocated

  16. Economic Impact of Cruise Industry • 2,798 jobs paying $74 million in wages in the greater New Orleans area. • Generates $219 million in direct and indirect sales annually • Passengers spend $91.5 million annually, including $17.5 million on hotels,$13.9 million on dining and $18.1 million on clothing and retail sales.

  17. 734,643 80,000

  18. Erato Street Cruise Terminal • The $37 million cruise terminal completed Oct. 2006. • The Erato project features a 90,000 square-foot terminal and 1,000-vehicle parking garage.

  19. We’re Back Rebuilding Bigger & Better

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