This work studies the impact that the Great Recession has had on the migration of graduates in Spain, a country with low international mobility for graduates but where push factors associated to the crisis have probably changed their mobility patterns. Our empirical analysis first adopts a macro approach by estimating a gravity model taking advantage of the recent publication of the IAB brain-drain data. This dataset covers information for 20 OECD destination countries by gender, country of origin and educational level, for the period 1980-2010. Next, we use individual data from different surveys addressed to Catalan graduates and recent Ph.D. holders carried out by AQU in order to provide new evidence on the drivers and impacts of changing trends in their migration behaviour. Our hypothesis is that internal mobility has been replaced by international migration for recent graduates for two reasons: first, due to the generalized increased in unemployment across the whole country (push factor), and second, due to the better skill and educational matches in other European labour markets (pull factor) than in the Spanish one, where the incidence of overeducation is among the highest of OECD countries.