Last week’s widespread power outage cost the Spanish economy nearly €400 million, according to estimates by CaixaBank.
The bank analysed data from card transactions, online payments, and cash withdrawals, finding that on 28 April, when Spain and Portugal were hit by a prolonged blackout, household spending dropped by 34% compared to usual levels.
This decrease was somewhat offset in the following days, but overall spending remained 15% lower than on a typical day.
CaixaBank estimates that the impact on GDP was less than a tenth of a percentage point, amounting to just under €400 million.
