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I can't help but think that there are cheaper and more practical ways to move people and goods then a gigantic water bridge...
Not really. Water transport is among the most efficient methods available - and, when the Elbe is impassable, transport comes to a dead halt. "working around" would involve doubling the number of ships (one above the impassable section, one below), unloading the cargo, transporting the cargo by land, and re-loading it onto the new ship.
Multiply that by EVERY SHIP. Consider that you don't have any way to predict when this is necessary and when it isn't.
No, the bridge is probably the most efficient way of doing things, overall, just like canals and tunnels are often more efficient than going around, even if they're harder to build.
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