Benefits of the Northwest Passage
The opening of the Northwest Passage is beneficial in various ways.
Decrement in the distance of the route
The use of the Northwest Passage as a route for ships will decrease the distance by approximately 4000 km or 2500 miles. This benefit is the significant potential benefit of this passage. This route will reduce the distance between New York and Tokyo by 3,200 km. China is the largest user of Panama Canal; they would get large distance reduction to the northeastern US and northwestern Europe.
Benefits in transportation
Earlier, it was very expensive to transport different resources from the Canadian North to rest of the world. The decrease in distance will make the transportation of vast mineral resources easier and more economical as well. This will also be beneficial for the transportation of goods coming from Asia. Billions of dollars in transportation cost would be saved because of this route. Time and energy resources use would also be saved due to this shorter route from east to west and back.
Extraction of valuable resources
The melting of sea ice in the Arctic Ocean is slowly exposing its hidden resources. It contains 400 billion barrels of oils and natural gas, which is worth at least $90 billion. This quantity of resources is estimated by the U.S. Geological Survey. Therefore, countries have started claiming the area.
The route of Northwest Passage will play an important role in the process of extracting minerals from the Arctic. Due to this, the government of Canada is claiming this route. If their claim is maintained, then a big progress in the development of its northland should ensue. It would also accelerate the economic and military power of Canada.