Spain is facing a shrinking fiscal buffer, making it increasingly difficult to respond to future crises such as natural disasters, wars, or pandemics. Rising interest rates are projected to dramatically increase the country’s debt servicing costs by 46% over the next five years, reaching a total of €63.7 billion. This figure represents 70% of Spain’s current total expenditure on education. The increased financial burden from interest payments will limit the government’s ability to invest in essential services and respond effectively to unforeseen events. Experts warn this erosion of fiscal space poses a significant risk to Spain’s economic stability and its capacity to protect citizens during future emergencies. This situation necessitates careful financial planning and a strategic approach to debt management to ensure Spain can navigate potential future shocks. The growing debt burden could also lead to cuts in public spending and hinder economic growth.