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.
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