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In this paper we propose a novel spatial error concealment algorithm for video and images based on convex optimization. Block-based coding schemes in packet loss environment are considered. Missing macro blocks are sequentially reconstructed by filling them with a weighted set of templates extracted from the available neighbourhood. Moreover, a fast approximation of the optimization method is proposed. The technique produces high quality reconstructions that outperforms the state-of-the-art algorithms both in terms of PSNR and MS-SSIM.