A nationwide blackout in Spain on Monday caused a 55% drop in authorized digital purchases, representing a loss of approximately €400 million, according to Carlos Cuerpo, Spain’s Minister of Economy, Trade, and Business. The country has since recovered between €130 million and €140 million of that loss.
Speaking at a press conference following the Council of Ministers meeting, Minister Cuerpo stated that the total potential economic impact could reach up to €800 million, though this is considered a worst-case scenario that will be refined as more data becomes available.
The figures, provided by digital payments platform Redsys, reflect a steep decline in transaction volume on Monday compared to a typical Monday. However, recovery is already in progress:
- Tuesday’s transaction volume rose 9% above normal levels.
- By Wednesday, it had surpassed typical activity by 25%.
“The rapid restoration of the system has been key to minimizing the impact,” said Cuerpo. “It’s still early—we need to keep monitoring the data.”
Beyond the payments sector, further analysis is needed to assess the impact on industrial activity and material losses.
Invest in Spain Forum Postponed
The Invest in Spain Forum, which was scheduled for Monday and would have hosted 75 companies from 25 countries in Madrid, was also affected by the blackout. Minister Cuerpo confirmed the event will be rescheduled, potentially before the summer.
Spain’s Secretary of State emphasized the strategic value of the forum for the government, noting it plays a vital role in solidifying ongoing investment projects and reinforcing Spain’s status as a key destination for foreign investment.