The total economic losses from the DANA (Depresión Aislada en Niveles Altos) floods in Spain in 2024 were estimated to EUR 12 - 13 billion, while Spain’s public/private Consortium for Insurance Compensation (CCS), said it would payout at least EUR 3.5 billion, an analysis provided by Moody’s said.

In autumn 2024, an upper-level cut-off low-pressure system (DANA) affected Valencia, Spain, bringing record-breaking rainfall between October 26 and 29. Within just eight hours, the region received as much rain as it typically would over 20 months.

Municipalities in the hills surrounding Valencia were hit hardest:

• Chiva recorded 491 millimeters of rain in eight hours, equivalent to an entire year’s rainfall.
• Buñol received 461 millimeters in 24 hours, with similar totals observed in Chera, Cheste, and Turís.

For context, heavy storms in the area generally bring 40-50 millimeters of rainfall; this event saw up to ten times that amount in a fraction of the time, according to reports from “El País”.

The unprecedented rainfall on October 29, 2024, caused severe flooding and widespread destruction in Valencia. The Rambla del Poyo, a vital dry river designed to manage excess rainwater, saw its flow volume surge fiftyfold within hours. At 16:00, it was carrying 45 cubic meters of water per second, but by 18:00, this increased to 1,726 cubic meters per second, peaking at 1,939 cubic meters per second shortly after.

Stretching 43.5 kilometers from the Parque Natural del Turia mountains to the Mediterranean Sea, the Rambla del Poyo basin spans 479 square kilometers. Normally dry or with minimal flow, it became overwhelmed as floodwaters, two meters above its banks, swept away bridges, railway tracks, houses, cars, and other infrastructure.

The flooding caught residents by surprise. On Valencia’s typically quiet streets, floodwaters surged suddenly, sweeping away pedestrians and causing chaos. The disaster highlighted the scale of the event and the critical need for robust flood management systems. Submerged cars piled up and flowed downstream or became stranded on broken highway bridges. Flood water spread into narrow streets engulfing homes and businesses.

So far, the death toll stands at 224, with 216 in Valencia; nearly half were over the age of 70, with bodies found in first-floor apartments, basement garages, and cars, or even on the streets.

According to a recent study by Moody’s RMS that examined the population at risk of flooding globally, it was found that a non-trivial proportion of Spanish society is at risk from the peril. At the 100-year defended return period – or with a one percent probability within any given year – the study suggests that about 6.5 million people in Spain are at risk, representing approximately 14 percent of the population.

Although DANAs have been a regular feature of the Mediterranean autumn, the severity of this year’s rainfall events has opened up significant vulnerabilities in the ability of the region to cope, adding another issue along with building resilience against flood, severe heat, drought, and wildfire.

Find out about Moody’s Global Flood Data and Maps for Spain here, and more about Moody’s RMS Europe flood models here.