### id262789592 disaster destroyed the American whaling industry > The disaster cost, in total of lost ships and cargo, more than $1.6 million in the currency of the day (nearly $48 million today). New Bedford, Massachusetts, was hit hardest, losing 22 ships. Few of the ships were replaced, as owners used the insurance money to get out of the already declining whaling industry and invest in textile mills or other less speculative enterprises. > > Less fortunate were the captains who had abandoned their cargo to save the lives of their fellow seamen. It was 19 years before the U.S. government reimbursed them, but at that point it is doubtful the crews — who were normally paid a share of each voyage’s profits — were tracked down and given their share. - [View Highlight](https://read.readwise.io/read/01fqy6ae3cm25p1kvhs083azhe) - [[Dramatic Discovery of Two Whaleships Lost in Arctic for 144 Years by Erik Ofgang#id262789592 disaster destroyed the American whaling industry|View in Vault]]