Spanish blackout cost country 400 million euros — CaixaBank

A massive power outage across Spain on April 28 led to economic losses of approximately 400 million euros ($454.68 million), according to an analysis by CaixaBank. Consumer spending plummeted by 34% on the day of the outage and remained 15% below normal even after power was partially restored in the following days.

Despite these significant economic losses, CaixaBank estimates that the blackout will have a minimal impact on quarterly GDP, less than one-tenth of a percentage point. The outage affected 50 million people in Spain and Portugal, disrupting transportation, telecommunications, and retail sectors, Bloomberg reports.

Even with these unforeseen disruptions, Spain’s economy remains robust, according to the bank’s experts. Economic growth is forecasted at 2.6% for this year and 2.2% for 2026. Analysts anticipate that most of the economic effects from the blackout will be temporary.