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Businesses explore insurance claims as outages halt operations across Spain and Portugal
Widespread power outages across Spain and Portugal are beginning to show their economic toll. As disruptions continue, restaurants and small businesses are now evaluating ways to seek compensation through suppliers or insurance companies.
The blackout has forced countless businesses to close, halting services and severely affecting industrial production—even with backup generators in place. In many cases, those generators haven’t been enough.
Industry Takes a Hit
Among the hardest-hit sectors is industry, particularly automotive manufacturing. Ford’s Almussafes plant, a major contributor to Spain’s economy, has been completely shut down. According to Anfac, the automotive industry accounted for 7.7% of Spain’s GDP in 2023—about €112.6 billion.
The Tarragona Industrial Complex also ground to a halt, with major players like Repsol and Dow Chemical confirming via social media that their plants were automatically and safely shut down.
Retail and Financial Services Disrupted
Retailers, hospitality businesses, and self-employed workers are also bearing the brunt. The blackout has disrupted banking operations as well, which depend heavily on consistent electricity. Although the Bank of Spain confirmed that central services and online banking remain operational thanks to backup systems, branches and ATMs have experienced significant disruptions.
Card payments continued without major issues, and the wholesale TARGET payment system remained fully functional. However, Iberpay, which handles retail payment processing, saw slight delays.
Redsys and CECABANK—responsible for most of Spain’s POS terminals—report normal operations but lower transaction volumes, likely due to devices losing battery power in affected businesses.
Closures and Spoiled Goods in Hospitality
The hospitality and food retail sectors are suffering immediate and tangible losses, particularly due to spoilage of perishable goods. Bars, many of which were unable to cook, and supermarkets faced significant product losses. The food and beverage sector contributes about 2.3% of Spain’s GDP by gross value added.
Responses have varied among retailers. Dia closed its stores, while Mercadona kept operations running using generators. El Corte Inglés reported all its stores remained open and fully operational for shopping and payment.
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