The recent power outage in Spain has had a significant impact on the country's economy, with an immediate loss of 400 million euros in authorized purchases through payment systems, according to Economy Minister Carlos Cuerpo. The blackout, which occurred last Monday, resulted in a 55% drop in transaction activities compared to a typical Monday, highlighting the vulnerability of digital payment infrastructures to such disruptions.
Minister Cuerpo further elaborated that the total economic impact could reach up to 800 million euros, a figure considered the upper threshold, pending further data analysis. The rapid recovery of the payment systems has been crucial in mitigating some of the losses, with transaction activities rebounding by 9% on Tuesday and surging 25% by Wednesday compared to usual figures for those days.
Beyond the immediate effects on digital transactions, the outage's broader implications for the industrial sector and material losses remain to be fully assessed. The minister emphasized the importance of continued monitoring to understand the full scope of the economic impact. The swift restoration of services has played a key role in limiting the damage, but the incident underscores the need for robust infrastructure to prevent future occurrences.
The blackout also forced the postponement of the 'Invest in Spain' forum, an event aimed at bolstering investment projects in the country. With 75 companies from 25 countries in attendance, the forum's suspension represents another dimension of the outage's economic repercussions. The government is keen on rescheduling the forum, possibly before summer, to minimize the disruption to Spain's investment landscape.
Europe is currently enduring its first major heatwave of the summer, with France, Belgium, and the Netherlands experiencing some of the highest temperatures. Paris is forecasted to reach a scorching 40 degrees Celsius (104 degrees Fahrenheit), prompting health warnings and the closure of over...
Starting July 1, Renfe, Spain's national railway company, will phase out its free commuter passes, introducing a new system of discounted travel options aimed primarily at young people and children. This move marks the end of an era for free travel on Cercanías and Media Distancia routes,...
Sevilla FC has officially announced the signing of Alfon González as their first acquisition for the 2025-26 season. The 26-year-old winger arrives on a free transfer after his contract with Celta de Vigo expired. Alfon has signed a three-year deal with the Andalusian club, marking a new...
The Spanish Ministry of Social Rights, Consumption, and Agenda 2030 has intensified pressure on Madrid's City Council to address the issue of illegal tourist apartments within the city. Following an initial warning in March, the ministry has now provided the council with a digital file...
Mediaset has officially announced Laila Jiménez as the new co-host of 'Todo es mentira', marking a significant transition for the show following Marta Flich's departure. Jiménez, a seasoned journalist known for her work on 'Informativos Telecinco', is set to bring her extensive experience and...
