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We'd only have to drop the water level by 10/20 meters or so for the archaeology wouldn't we?

The black sea was only ~5000 years ago, now that would have some good archaeology.

There's a few thousand years of Mediterranean cargo and shipping distributed over the seabed.

And I'm sure Atlantis is down there somewhere...

I'm sure there is, underneath the layer of 20th century sewage and trash.

A rather good point about the Mediterranean being used as a shipping channel! There would still need to be huge canals.