The fatal Spanish rail incidents in early 2026 have kept both passengers and freight away from the tracks. After two fatal train crashes and other incidents between 18 and 22 January, the number of passengers on high speed lines declined by 21% year-on-year. Freight, even if not involved in January’s events, saw a 13% volume decrease.
The conclusion is that freight volumes have fallen to levels similar to those observed during the covid pandemic, according to Spain’s competition regulator CNMC. All major rail freight performance indicators declined. For example, Spanish rail freight moved around 4.8 million tonnes in Q1 2026, down by 8.2% from Q1 2025.
In line with that development, performance in terms of net tonne-kilometres worsened too: -13.3%. Trains covered only 4.9 million train-kilometres (-11.9%). The most important indicator of all, income, declined more than anything: -15.9%. This amounts to nearly 64 million euros.
The Spanish situation also demonstrates that, evidently, not all companies are created equal. Whereas some took a severe hit, others managed to keep up the pace and grow. The already declining state-owned freight operator Renfe Mercancías saw its transport volume decline by around 25% in Q1 2026.
By contrast, Medway, Logitren and Low Cost Rail grew their volumes by 11.5%, 34.9% and 27% respectively. CNMC did not publish data on the income of the individual operators.
Spain vs. Europe
Spain’s rail freight industry is not exactly a giant. The fatal accidents will likely set it back even further compared to its European counterparts. In 2025, Spain’s trains moved around 5.5 million tonnes each quarter for a total of roughly 23 million tonnes. If trust remains low and the current trend holds throughout 2026, the total volume transported would end up below 20 million tonnes.
By comparison, Germany moved around 328 million tonnes in 2025, France and the Netherlands transported 80 and 36.9 million tonnes respectively.