A study has revealed that the economic ripple effect of the toll reduction and free implementation on Yeongjong and Incheon Bridge this October will reach 5.5 trillion KRW.
According to Incheon City on the 11th, starting from the 1st of next month, the toll for Yeongjong Bridge will be reduced from 6,600 KRW to 3,200 KRW for the upper road, and from 3,200 KRW to 1,900 KRW for the lower road. Additionally, residents of Jung-gu Yeongjong·Yongyu area and Ongjin-gun Bukdo-myeon will receive full toll-free benefits. The toll for Incheon Bridge, another bridge connecting Incheon and Yeongjong Island, is scheduled to be reduced from 5,500 KRW to 2,000 KRW by the end of 2025.
The Incheon Institute, under Incheon City, forecasted that due to these toll system changes, an economic effect amounting to 5.5 trillion KRW and employment inducement of 20,000 jobs will occur over 16 years from October 2023 to the end of 2039.
Specifically, it is expected that there will be 2.5 trillion KRW in user toll savings, 1.9 trillion KRW in industrial production induced by increased leisure and tourism demand, 940 billion KRW in increased tourism sales, and 160 billion KRW in social benefits due to route switching.
This is a research result linked to the opening of the Third Connecting Bridge (Yeongjong Island~Cheongna International City), based on quantitative analysis of how much production, added value, and employment are induced using future traffic volume simulation results following the toll reduction and credit card sales data within the Yeongjong area.
An official from Incheon City stated, "We confirmed that the toll reduction and free implementation policy not only improves the living conditions of Yeongjong area residents but also has direct and indirect effects on the local economy. We will also provide convenience to Incheon Airport users and promote development and tourism revitalization in the Yeongjong area."
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