The economic toll of attacks on Ukraine’s power grid

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Electricity blackouts caused by Russian rocket attacks on the power grid have become a daily occurrence in Ukraine. This column estimates the economic impact using country-wide power supply data from 500 ATMs operated by one of Ukraine’s largest commercial banks. These data show that Ukraine’s power grid withstood the first waves of attacks in September and October 2022, with quick re-establishment of electricity supply. The sustained damage grew exponentially in November when the Ukrainian economy lost 55% of its power supply in a single day. High-frequency economic data suggest that there has been sizable effect on the economy so far.

Published on VoxEU / CEPR