Panama is already expanding the canal for larger ships.
http://www.pancanal.com/eng/expansion/
I don’t see a Costa Rica canal as economically feasible. A Nicaragua Canal has been proposed but will struggle to have successful economics with the Panama expansion. Of course they have been trying to make the economics work since the early 1800s.
Allegedly, the Nicaragua canal is a ‘go’:
http://en.wikipedia.org/wiki/Nicaragua_Canal
Not sure I believe that...but that’s their story.
--agree with you that it ends the Nicaraguan canal for the indefinite future--- --