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Pros: Higher rail traffic volume, which takes away a significant amount of road traffic, both freight as well as passenger. Also decreased localized pollution, especially if the line is electrified.
Con's: displacement of people who live near the railway, because of condemnation of their land (ie literally taking away their backyard to make room for the new line). Rail also has to be very linear, flat and straight, especially if it's a high-speed line. This causes significant increases in building and infrastructure costs (digging tunnels, grading, long-term maintenance, etc.).
Another con: many people or many tons of freight can be inconvenienced if the rail line is damaged and there's no redundancy available.
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