A woman walks past a destroyed military vehicle in Bucha

A woman walks past a destroyed military vehicle in Bucha | SERHII NUZHNENKO

Jason MoorePalma02/03/2022 10:20
TW
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S pain is likely to be among the countries with the lowest exposure to the economic consequences of Russia's invasion of Ukraine, Spanish Economy Minister Nadia Calvino said “ All analyses suggest Spain is probably the least exposed country both commercially and in terms of energy,” she told reporters after a weekly cabinet meeting.

This is a rather silly statement because Spain depends on tourism and tourism is likely to be hit by a prolonged war in Ukraine. There is concern amongst the local community. Firstly, for the people of Ukraine and their battle against the Russian invaders. The Balearics will be sending aid to the people of Ukraine. There is also a secondary fear about the economic impact of the war and how it will affect tourism to the Balearics.

I was talking to one local businessman who was telling me that he was worried. The local tourist industry was hoping for a good season after two years of the Covid pandemic. The Balearic government has said that it was too early to make any predictions adding that it wasn´t the time or the place to talk economics when Ukraine was suffering.

The biggest fear within the industry is an increase is fuel costs caused by the conflict which will make travelling to the islands more expensive. The Balearic government has said that it will be monitoring the situation. What is evidently clear at the moment is that the people of the Balearics are standing shoulder to shoulder with the people of Ukraine. There have been plenty of shows of solidarity with more to come.