Final answer:
The French had spent $200 million on the Panama Canal project by 1894 but had not completed a significant portion due to severe conditions, leading to the loss of thousands of workers and the project's abandonment.
Step-by-step explanation:
The French effort to construct the Panama Canal between 1881 and 1894 encountered insurmountable challenges and was eventually deemed an epic fail. Despite the experience gained from successfully completing the Suez Canal, the French company encountered numerous setbacks in Panama, including tropical diseases like malaria and yellow fever, as well as environmental difficulties such as heavy rainfall, flooding, and landslides. These conditions led to the loss of thousands of workers' lives and resulted in the project's abandonment. By the time the French ceased their efforts, they had expended around $200 million but had not completed a significant portion of the canal, with many later describing this attempt as an economic and human tragedy.