Ongoing flooding in Eastern and Southern Spain has caused one of the worst humanitarian disasters in the region in decades.

What Happened: At least 158 people have been killed by flooding caused by torrential rain on Tuesday night and Wednesday, according to the BBC. The damage is concentrated around the Valencia region. In some areas, the eight-hour rainfall matched a typical year's worth of rain.

According to Business Insider, an early insurer estimate of economic damage caused by the storm "easily" exceeds 1 billion euros.

Spanish Prime Minister Pedro Sánchez told residents to stay at home as more rain is expected to fall on Friday.

"To the villages and cities destroyed by this tragedy, I say the same: Together, we will rebuild your streets, your squares, your bridges," Sánchez said in a televised address, according to NBC.

Why it Matters: Increases in the frequency of extreme weather events are widely attributed to climate change.

The automotive industry is prominent in Valencia.

Ford Motor Co (F  ) has a large manufacturing plant in Almussafes, just south of Valencia. This facility is one of Ford's key production sites in Europe. Significant flooding or infrastructure damage in this region could disrupt operations or logistics, potentially affecting Ford's production timelines.

Iberdrola SA (IBDRY  ) is a large utility provider in Spain. According to the New York Times, the flood left 155,000 customers without power. General Electric Co (GE  ) does not have a manufacturing facility in the vicinity, though its partnership with Iberdrola and projects in Spain could cause some disruption.

Construction companies could stand to benefit from investment in the region following the cessation of the storm. Ferrovial SE (FER  ) and ACS Actividades De Construccion Y Servicios ADR (ACSAY  ) are among Spain's largest publicly traded construction companies.

Investors should also pay close attention to the Spain-tracking iShares Msci Spain ETF (EWP  ) for any volatility in the coming days.