COVID-19 effects on maritime-dependent regions: The Canary Islands as an example of a small-island economy

Abstract

The COVID-19 pandemic has triggered an extensive economic upheaval, causing significant disruptions to worldwide logistics networks and having a profound effect on all sectors of the economy during the period from 2020 to 2021. The principal objective of this chapter is to analyze the consequences of increasing freight rates (FR) on the pricing of commodities in the specific context of island regions. The Canary Islands provide a relevant case study that illuminates the difficulties and opportunities that island nations face on a global scale. Furthermore, the study underscores the susceptibility and reliance of these areas on maritime transportation and logistics, thereby emphasizing the imperative for approaches and policies that can enhance their resilience and competitiveness.