Balearic government has so far preferred to focus on the human cost. | Anatoly Maltsev

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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."