The emergence of COVID-19’s Delta variant has cast renewed uncertainty over Spain’s health and economic scenario. This report explains how Delta may affect a particular but highly relevant industry for Spain: Tourism. In the 60-paged chartbook , we discuss our central scenario for the 2021 summer tourism season in Spain and how it compares to consensus forecasts. As per usual, our goal is to facilitate the decision-making process of our clients, should they increase, maintain or reduce risk?