While Balearic tourism minister Iago Negueruela yesterday avoided focusing on the economic cost of the conflict in Ukraine and chose to highlight the human cost, others have been offering their preliminary assessments.
Economist Pau A. Monserrat says that the economic consequences for the Balearics will depend on how long the war lasts and sanctions that are imposed. "Inflation was already very high at the beginning of the year and if foreign trade stops, inflationary pressures will increase. We will have to see about possible restrictions on the import of gas or oil. Russia exports many raw materials and some, like aluminum, will have immediate price increases. Tourist reservations will also be curbed due to uncertainty."
Antoni Riera, technical director of the Fundación Impulsa points to two issues. "First of all, Europe is making an effort to position itself as a territory with a high capacity for innovation and inclusiveness. Therefore, a war is not the best ally for this." Secondly, and where the Balearics are concerned specifically, he observes that the Russian market "is not very relevant" on the islands.
"The conflict will affect other parts of the Mediterranean, such as Turkey." He indicated that the Balearics might actually benefit. "It would not be the first time that the Balearics have had good numbers of visitors as a result of geopolitical conflicts."
Antoni Mercant, the president of the Mallorca Chamber of Commerce, notes that exports from Mallorca to Ukraine are minimal - barely 300,000 euros worth, e.g. for footwear, pearls and liquors. The real problem, he suggests, will come from the supply of gas, higher freight costs and delays in the delivery of products. As to tourism, he says: "It is still early days, and it will depend on the increase in the price of fuel for planes."
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Basically their will be NO season this season...face FACTS and REALITY....!!! HE WONT STOP at the URCRAINE..he WILL ADVANCE ...he's a MAGLOMANIATE...AND A DANGER/DANGEROUS TO US ALL....and if YOU wont admite i will i am SHIT SCARED....!!!! FOR ALL OF US...the Urcraine to Spain is NOT that far in DISTANCE...GOD HELP US ALL...!!!
And the UK should get its house in order as it has been laundering Putin's criminal friends money for years - An absolute disgrace! https://www.theguardian.com/commentisfree/2022/feb/25/boris-johnson-russian-money-britain-mafia-state-security
Let no one be under any illusions, this war will benefit no one and overall it will certainly not benefit Mallorca and its tourism industry. In fact to even suggest it I view as tantamount to obscene. Our whole European order is being turned upside down and no one can possibly know what the final outcome will be. All we can do is make predictions, run through various scenarios as to possible outcomes. it appears energy will be at the forefront. Europe will have to totally disengage itself from Russian energy sources and seek new suppliers. Hydrocarbons will probably come back, at least in the mid-term. We cannot ramp up green renewables fast enough. That means more money into the middle east, possibly more exploration in the North Sea. No one wants these pollutants but we cannot survive without energy. Pop-up nuclear would be good but nuclear power stations do not pop up overnight. Born five years after the end of WWII I have lived my life in peace and security. In the space of two days ( so far) one single madman has upended all that, and as he is pushed farther and farther into a corner who knows what he may be capable of. One thing is sure, tourism is not going to be the first thing on most people's minds and we had better get used to that.
WHAT IS WRONG WITH YOU PEOPLE ? INNOCENT PEOPLE ARE DYING & ALL YOU CARE ABOUT IS YOUR TOURISM ! ARE YOU INSANE . THE EU NEEDS TO GET SOME BALLS & TAKE ACTION TO HELP OUR UKRANIAN FRIENDS . PUTIN KNOWS THE EU IS PATHETIC & HE WONT STOP