Ostend was eventually captured by the Spanish on 20 September 1604, but the city was completely destroyed and the overall strategy had changed since the siege had started. The loss of Ostend was a severe blow to the Republic but the Spanish propaganda and strategic objectives were frustrated by the Dutch and English conquest of Sluis a few weeks before the surrender of the city. In addition, the economic cost of such a long campaign and the enormous number of casualties sustained turned the result into a Spanish pyrrhic victory and effectively the siege contributed largely to Spanish bankruptcy three years later which was followed by the Twelve Years' Truce.