This crisis, like the virus that has produced it, is unexpected and nobody really knows how it is going to end.  We can make forecasts, analyse data, implement financial programmes in the medium and short term but in the end I come to the conclusion that everything is as unpredictable as the virus itself.
And why? Well, nobody can guarantee what is going to happen in the medium term in the next 3-9 months, how many people are going to be on the unemployment lists in the next few months, and how many companies and self-employed people are going to succumb in that time.
The government knows, although sometimes I think it does not realise (we only have to look at the latest statements by Minister Garzón and the Minister of Labor) that, in the coming months, the absence of social unrest depends on the surviving business fabric and the maintenance of jobs.
The above is being attempted with the ICO credit lines partly guaranteed with European funds, and this in my opinion is correct in the medium and short term.  The problem is that the vast majority of companies and self-employed workers have just recovered from the macro-crisis of 2008, which lasted almost a decade, during which they gradually reduced their debt but did not finish paying it off.  At the moment, their activity has suffered a "crash" and the companies have to refinance again because their survival depends on it.  What strength has the great majority? I fear that they cannot survive beyond a period of one year.  And in my reasoning I foresee that for the real estate sector this year has ended, or will end, with hardly any activity.
The same thing has happened to the government, but with the difference that instead of reducing the debt they had been increasing it, and previous governments did not reduce it to the extent that they had to arrange the European programme. The result is an over-indebtedness that is going to bring about considerable changes in the administration, and in my opinion, very hard decisions will have to be taken if Spain is not to be declared bankrupt.
The question is, if there is a resurgence or several resurgences and we have to go back to total inactivity, will small and medium sized companies be able to survive beyond 9 months? It is almost impossible, so if 15,000 real estate companies have closed right now, in the next 9 months it could be more than double that number. But back to the beginning, it's all conjecture like the virus itself.