The routes that the undersea cables lie on are 150 years old. The first undersea lines were telegraph lines. This didn't start in the 21st century.
Fiber Optic cables, placed under water are only designed to last 25 years. They're routinely replaced and upgraded. Obviously, the cables need to be upgraded from time to time. If we were still using the cables that were around in 1992, the internet would be very "shaky."
You're right, it costs 100's of millions of dollars to lay the network and keep it working.
Fun fact: We've had global hiccups in internet communication, because sharks enjoy chewing on deep water fiber optic cables.
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