Thank you.
There are some short-term and some longer-term implications. Obviously, extreme weather events will continue to happen. To the extent that infrastructure can be hardened and resilience can be built into the network, that's critical. The railways actually did an incredible job of restoring their infrastructure after the floods last year. I don't think any of us expected them to be able to get into operation as quickly as they did after that major damage.
From a longer-term point of view, obviously ports are at sea level and will be affected by storm surges and a rise in sea level. Over time, investment in hardening or raising the level of marine terminals is going to be important to protect them against those extreme weather events.
Last year the weather events didn't affect the port itself. The port, all the way through the pandemic and all the way through the weather events, was actually very resilient. It was the inland supply chain where things really broke down.
I would say the other thing that is critical, whether in the Lower Mainland of British Columbia or in the metro Toronto region, is land. We have a tremendous shortage of trade-enabling land. There is no surge capacity. We had to actually take, in partnership with Transport Canada, a marine terminal site that we're holding for development of a marine terminal and repurpose it on a temporary basis to take extra containers in order to get containers off the terminal, because there was nowhere to put them.
Marine container terminals shouldn't be used as container storage. Obviously, that's prime real estate that we need for trade. We do need that surge capacity, both to protect against climate events and to protect against other unforeseen supply chain shocks that will continue to occur in the future.