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The Panama Canal cost the United States about $375 million, including $10 million paid to Panama and $40 million paid to the French company. Although it was the most expensive construction project in US history to that time, it cost about $23 million less than the 1907 estimate despite landslides and an increase in the canal's width.
A ship is guided through the Panama Canal's Miraflores locks near Panama City on April 24, 2023. (Luis Acosta/AFP/Getty Images)
After World War II, US control of the canal and the Canal Zone surrounding it became contentious; relations between Panama and the United States became increasingly tense. Many Panamanians felt that the Zone rightfully belonged to Panama; student protests were met by the fencing-in of the zone and an increased military presence there. [80]
[1]: 96 After the collapse of the de Lesseps efforts to build the Panama Canal, Bunau-Varilla became an important shareholder of the Compagnie Nouvelle du Canal de Panama, which still had the concession, as well as certain valuable assets, for the building of a canal in Panama. [2] The US intent to influence the area, especially the Panama ...
The US-controlled canal quickly became a vital asset for American commerce and the US Navy.. Panama received a $10 million initial payment from the US for the territory followed by $250,000 each ...
The United States also used land in Panama for a variety of military activities, from training astronauts (Neil Armstrong trained in jungle survival at an Air Force base in the Canal Zone) to ...
Administration of the canal has been more efficient under Panama than during the U.S. era, with traffic increasing 17% between fiscal years 1999 and 2004. Panama's voters approved a 2006 referendum authorizing a major expansion of the canal to accommodate larger modern cargo ships. The expansion took until 2016 and cost more than $5.2 billion.
Here’s a look at the history of the canal and what it would take for the US to retake it: ... Why doesn’t the US control the Panama Canal? The Panama Canal opened in 1914, but almost ...