Updated May 18, 2019 08:51:54The cost of repairing the San Francisco Bay Bridge and the Los Angeles River has soared to $1 billion, according to the Federal Highway Administration (FHWA).
The agency said the $1,097 billion project includes $821 million for the reconstruction of the span.
The agency says the cost will rise to $2.3 billion in 2020.
“This is not a project that’s going to happen overnight, it’s not a construction project that has been in the works for a while, and it’s certainly not going to be finished in the next five years,” Hilda Solis, an agency spokeswoman, said at a press conference Friday.
Solis said the cost of the project will be covered by a $1-per-trillion federal bond program, which is designed to help defray the cost.
The Federal Highway Trust Fund (FHTF) also will provide $700 million in federal funding to pay for the bridge’s rehabilitation.
Hilda Solas, an FHWA spokeswoman, talks to reporters outside the Federal Building in San Francisco on May 19, 2019.
The project to repair the bridge, the San Andreas Fault and the San Fernando River will cost $1 trillion.
The cost is more than $1 million per mile of roadway.
It’s the largest single project in U.S. history and the first since the late 1960s, when the U.K. government built the Northern Seaboard Rail Link between Leeds and Leeds.
At the end of June, the bridge was closed to traffic after a section collapsed and flooded in San Diego.
Despite the $700-million bond, the FHTF said it was concerned about the long-term impact of the bridge closure.
On Thursday, FHTS Administrator Mark Egan said the agency was considering options for how to recoup its money for repairs to San Francisco.
Egan said it could be as early as July.
According to FHHT data, the agency expects to recuperate $2 billion in bond payments over the next 10 years for bridge repairs.