Improving 80 Major Intersections Nationwide... Generating 250 Billion Won in Economic Value

Road Traffic Authority Conducts Traffic Environment Improvement Project
Speed Increases and Delay Time Decreases
Traffic Accident Risk Reduced by 22%

The Korea Road Traffic Authority announced on the 3rd that approximately 250 billion KRW in economic benefits have been generated through traffic environment improvement projects at major intersections nationwide. The photo shows a comparison before (above) and after (below) the improvement project. You can see the installation of diagonal crosswalks and yellow carpets to ensure pedestrian safety. Photo by Korea Road Traffic Authority

[Asia Economy Reporter Lee Gwan-joo] The Korea Road Traffic Authority announced that improving the signal systems and traffic safety facilities at major intersections nationwide has generated economic benefits exceeding 250 billion KRW annually. This figure reflects the increased vehicle speeds and reduced delay times.

The Korea Road Traffic Authority revealed on the 3rd that it conducted a "Traffic Environment Improvement Project" this year targeting 80 major intersections in residential areas nationwide, resulting in economic benefits of approximately 253.4 billion KRW.

This project involved collaboration with related organizations such as the police and local governments to improve signal systems and traffic safety facilities at major intersections in residential areas where congestion and traffic accidents frequently occur during specific times. The targeted intersections included areas with high pedestrian accident rates involving the elderly and children, as well as densely populated commercial and apartment districts.

As a result, vehicle speeds around the intersections improved by an average of 13.4% (from 23.2 km/h to 26.3 km/h), and delay times decreased by 18.3% (from 94.4 seconds/km to 77.1 seconds/km). When converted into monetary terms, this equates to an annual reduction of approximately 34.2 billion KRW in vehicle operating costs. Including reductions in travel time costs and environmental costs, the total annual economic benefit is estimated at about 253.4 billion KRW, the authority explained.

The authority also analyzed the signal operation system, prioritizing improvements at intersections where signal cycles and coordination systems were inefficiently managed, and established mid- to long-term comprehensive improvement plans such as installing traffic islands. Analyzing these plans through the traffic safety simulation (SSAM) predicted a 22.5% reduction in traffic accident risk.

An official from the authority stated, "Next year, we will establish highly effective improvement measures at major residential intersections that the public can directly feel," emphasizing, "We will become a leading institution in traffic safety by promoting vehicle flow and striving to reduce and prevent traffic accidents."

This content was produced with the assistance of AI translation services.