Will President Recep Tayyip Erdogan go ahead with his “crazy project” — a $10 billion artificial waterway called Canal Istanbul — despite the economic turmoil gripping Turkey? The “official” answer is shrouded in uncertainty, but economists interviewed by Al-Monitor believe that an indefinite postponement is inevitable for the project, meant to link the Black and Marmara seas as an alternative to the Bosporus Strait, given the external financing hardships that Turkey faces.

According to government officials, the planned waterway aims to reduce safety risks for Istanbul by rerouting traffic from the tanker-clogged Bosporus and contribute to economic growth. Ever since Erdogan unveiled the project ahead of the 2011 general elections, it has been under fire over concerns of massive environmental damage.

According to the plan, Canal Istanbul would run on Istanbul’s European side, starting at Durusu on the Black Sea coast, then arch slightly southeast before connecting to the Sea of Marmara at Kucukcekmece. It would be 43 kilometers (26.7 miles) long, 100 meters (328 feet) wide and 25 meters (82 feet) deep.

Those opposed to the project argue the canal would seriously damage the ecosystems of not only the Black and Marmara seas but also the northern Aegean, salinize Istanbul’s water resources and trigger a major environmental disaster, the ramifications of which would affect 310 million people in Turkey and its environs.