Power outages in Spain to cost around €1B

The damage to Spain from a large-scale power outage will most likely amount to about 1 billion euros, Report informs referring to the newspaper El Pais, citing preliminary data from analysts.

If all work in Spain had been paralyzed for a whole day, the damage could have reached 4.5 billion euros. Due to the fact that in some sectors the outage occurred after the middle of the working day, and it took several hours to resolve the problem, then "in practice, everything indicates that the damage will be significantly less" than the maximum amount indicated.

This morning, the company Red Eléctrica, which manages the national electricity grid, reported that power supply in mainland Spain has been almost completely restored.

A large-scale power outage occurred this Monday across almost the entire territory of Spain at 12.30 local time. The company operating the electricity grid Red Eléctrica reported that it will take up to ten hours to restore power. The failure also affected Portugal, France and Andorra.