With regard to the long term, though, the government and captains of industry are concerned about the possibly negative consequences the UK leaving the European Union could have on the tourist industry and the knock-on effects it will have on the local economy and employment. One in four visitors to the Balearics are from the UK, and the Balearics does not want to see that 25% contract.
The Balearic president, Francina Armengol, presided over a meeting with vice-president and minister for tourism, Biel Barcelo, the employment, trade and industry minister, Iago Negueruela, and the finance minister, Catalina Cladera, to discuss the possible ramifications of the Brexit. In the short term they agreed there is no need for concern.
"We find ourselves in a very new situation and we’ve got to analyse it, but we’re not immediately concerned about the economy because the UK has still got to negotiate its departure from the EU and that is not going to happen overnight," Armengol said.
Barcelo, however, admitted that the result of the referendum "is bad news" but stressed there is no need for the general public, British residents and visitors to worry for the time being.
"The process is going to at least take two years from the moment the British government officially activates Article 50 and informs the EU of its departure, so there is plenty of time for dialogue and negotiation. Obviously, we want to do all we can to make sure that we come out of those talks with positive solutions," he said.