Natural catastrophes in Spain caused 3,600 million losses in 2021

The estimated cost of natural disasters in Spain in 2021 amounts to 3,600 million euros (added the impacts on assets, direct and indirect GDP and the impact on critical infrastructures), of which two thirds, 2,320 million, were insured, according to the Aon Foundation’s annual barometer.

The Filomena storm, the volcanic eruption of La Palma, the frosts, the DANAS, the phenomena of hail and rain, wind and heat stroke and floods caused material losses valued at 1,300 million (41% insured), while Spanish companies stopped billing 3,292 million eurosof which 1,492 directly in the agricultural and agri-food sector.

Added to this is an economic impact on critical infrastructures estimated at 522 million euros.

63% more compensation than the previous year, for the La Palma volcano

The 2,320 million compensations that were derived from these extreme phenomena represent 63% more than in 2020 and 29% more than 2019.

Almost half of these compensations were paid by private insurance, 35% by Agroseguro, 25% by the Insurance Compensation Consortium and 1% by Civil Protection.

The main increase in costs compared to 2020 is explained by the impact of the volcanic eruption on La Palmawhich brought together almost one in every four euros compensated, has pointed out the consultant of International Financial Analysts Verónica López, member of the scientific committee that has prepared the report.

However, the lrains, floods and late hail accounted for 58% of the compensation.

By territory, 25% of the compensation was paid in the Canary Islands, due to the volcano, but also due to heat stroke, followed by Castilla-La Mancha (12%), although it was Navarra where the highest per capita cost was generated. high in the country, with 124 euros per inhabitant, 17% more than the impact of the volcano in the Canary Islands.

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Regarding the 1,300 euros of material losses, the study indicates that 62% affected homes and 19% businesses and warehouses.

The Canary Islands was the most affected community in 2021, with 41% of the damage, followed by Andalusia (15%) and Navarra (13%).

1,492 million that stopped entering

Regarding the impact on income, natural catastrophes caused that Spanish companies will stop entering 1,492 million directly, 99% of them concentrated in the agricultural and livestock sector.

The data places the rain and floods as the origin of most of these losses, followed by frost and wind.

About half of the loss of economic activity was concentrated in Castilla-La Mancha (23%), the Valencian Community (15%) and Aragon (12%)while in per capita cost the most affected region was La Rioja, where the floods suffered in autumn caused business losses of 70 euros per inhabitant.

The drop in turnover of the companies directly affected is estimated at 492 million, while the companies that supplied products and services to them saw their sales contract by an additional 1,243 million euros.

Both direct and indirect impacts impacted on wages and consumptionwhich translates into a new contraction of 478 million on a series of companies, explained Verónica López.

This has indicated that in aggregate terms the catastrophes generated a drop in total billing close to 3,200 million, with half of these losses compensated by the compensation consortium and Agroseguro.

Thus the negative impact on GDP amounted to 1,126 million uncovered impact, equivalent to 0.1% of Spanish GDP in 2021; an economic contraction that translates into a loss of some 23,000 jobs, half in auxiliary companies.

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Regarding critical infrastructures (522 million impact), Leire Labaka, a tenured professor at the Tecnum-University of Navarra School of Engineering, highlighted that Filomena was the phenomenon that affected the most, although the hail and rains in May were which generated the greatest economic impact.

The food sector was the most affected, followed by transportation, health, energy and water.

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