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Most Expensive Mistakes In All History - Part 3

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Numerous disasters such as bridge collapses, space telescope malfunctions, mining mishaps, and submarine tragedies have caused billions in damages and missed opportunities, highlighting the importance of proper maintenance, oversight, and disaster preparedness. These incidents underscore the crucial need for stringent safety measures, regular inspections, and the valuation of human life to prevent catastrophic events and financial losses in the future.

Insights

  • Poor bridge management led to the collapse of the Nanfang'ao Bridge in Taiwan, costing lives and revealing severe neglect in inspections and maintenance, highlighting the critical importance of infrastructure oversight and safety measures.
  • Japan's response to the devastating Kobe earthquake in 1995, with updated seismic regulations and reinforced structures, showcases the vital role of learning from past disasters to enhance preparedness and resilience against natural calamities, emphasizing the significance of proactive measures in mitigating future risks.

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Recent questions

  • Why did the Nanfang'ao Bridge collapse?

    The Nanfang'ao Bridge collapsed due to rusted metal from rain and saltwater leakage, poor bridge management, and lack of inspections for over four years.

  • What was the cost of the Hubble Telescope's image issues?

    The Hubble Telescope's image issues cost $50 million for corrective lens development.

  • What caused the NOAA Prime Weather Satellite damage?

    The NOAA Prime Weather Satellite was damaged due to the removal of 24 bolts without documentation by a technician.

  • Why did Red Lobster's all-you-can-eat crab promotion backfire?

    Red Lobster's all-you-can-eat crab promotion backfired due to customers eating more than expected, causing a $3.3 million loss.

  • What led to the explosion of the Ariane 5 rocket?

    The Ariane 5 rocket exploded due to a coding error from reusing software, costing $500 million and destroying four satellites.

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Summary

00:00

Costly Disasters: Bridges, Telescopes, and Rockets

  • Nanfang'ao Bridge, a 460-foot-long structure in Taiwan, collapsed on October 1st, 2019, due to rusted metal from rain and saltwater leakage, costing the lives of six fishermen and injuring 10 others.
  • The collapse was attributed to poor bridge management, with steel cables found to be only 22% functional, and no inspections had been conducted for over four years.
  • The government faced a compensation cost of over $160,000, with estimates for a replacement bridge starting at $16.8 million, climbing to $29.3 million for additional safety measures.
  • The Hubble Telescope, launched in April 1990, experienced image issues due to a calibration error in the 7.8-foot primary mirror, leading to a corrective lens development costing $50 million.
  • The NOAA Prime Weather Satellite, worth $233 million, was damaged when it toppled over due to a technician's removal of 24 bolts without documentation, resulting in a $135 million repair bill.
  • James Howells mined over 7,500 bitcoins in 2010, stored them on an external hard drive, accidentally threw it away in 2013, missing out on a potential $148 million value by 2017 and an expected $3 billion by 2030.
  • "Harry Potter and the Philosopher's Stone" manuscript was rejected by 12 publishers before Bloomsbury printed it, leading to a $25 billion franchise with over 500 million books sold worldwide.
  • The South Korean MV Golden Ray, carrying 4,200 Hyundai cars, capsized due to loading issues, resulting in a $400 million insurance claim for salvage operations.
  • Red Lobster's all-you-can-eat crab promotion in 2003 backfired when customers ate more than expected, causing a $3.3 million loss and a $400 million drop in company value.
  • The European Space Agency's Ariane 5 rocket exploded in 1996 due to a coding error from reusing software, costing $500 million and destroying four satellites.

16:20

Disasters and Lessons: Japan's Earthquake Resilience

  • B-2 Spirit Stealth Bomber experienced a dangerous left wing dip during takeoff from Guam's Anderson Air Base.
  • Pilots ejected through the cockpit roof, leading to a crash and fire, but both survived.
  • Investigation revealed waterlogged air-data sensors due to heavy rain, causing incorrect air-pressure readings.
  • Sensor heaters evaporated water, leading to low airspeed readings and a sharp 30-degree pitch upwards.
  • Incorrect data caused the plane to stall and crash due to inadequate airspeed.
  • Sensor vulnerability was discovered in 2006 but not documented, leading to a $1.4 billion plane loss.
  • Sergio Martinez's signal fires to attract rescue helicopters sparked a massive wildfire in Southern California in 2003.
  • The Cedar Fire spread rapidly, destroying 2,820 homes, 15 lives lost, and causing $1 billion in insurance losses.
  • Kursk submarine disaster in 2000 resulted from a torpedo explosion due to a faulty weld, costing $1 billion to build and $70 million for retrieval.
  • Deepwater Horizon explosion in 2010 led to the largest oil spill in history, costing BP over $104.2 billion in clean-up, recovery, and penalties.
  • Netflix offered to sell to Blockbuster for $50 million in 2000, but Blockbuster declined, leading to Netflix's success and Blockbuster's bankruptcy.
  • Kobe earthquake in 1995 caused massive damage due to outdated seismic provisions, costing $200 billion in damages.
  • Japan learned from the Kobe catastrophe to reinforce structures against earthquakes.
  • Japan experiences about 1,500 earthquakes annually due to its location above four tectonic plates.
  • Japan constantly updates and reinforces structures to withstand earthquakes.
  • Kobe earthquake in 1995 caused $200 billion in damages, leading to updated seismic regulations.
  • Japan's city planners and engineers reinforce structures to withstand large-scale earthquakes.
  • Outdated seismic provisions led to the collapse of the Hanshin Expressway during the Kobe earthquake.
  • The Kobe earthquake in 1995 caused massive damage, with 120,000 structures damaged and $200 billion in damages.
  • Japan's city planners and engineers constantly update and reinforce structures to withstand earthquakes.
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