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All blood donations are processed and available for use usually within 24 hours. Whole blood is processed into components (red blood cells, platelets, plasma). After processing, the red blood cells can be stored for 42 days.
It takes about eight weeks to replace iron lost when you donate blood, according to America's Blood Centers. Since it takes time to build up iron stores, increasing your iron just on the morning of donation won't help as much as increasing your iron intake for several weeks before donating.