The prediction of blade loads during surge is still a challenging task. In the literature, the blade loading during surge is often referred to as “surge load,” which suggests that there is a single source of blade loading. In the second part of our paper it is shown that, in reality, the “surge load” may consist of two physically different mechanisms: the pressure shock when the pressure breaks down and aeroelastic excitation (flutter) during the blow-down phase in certain cases. This leads to a new understanding of blade loading during surge. The front block of a multistage compressor is investigated. For some points of the backflow characteristic, the quasi steady-state flow conditions are calculated using a Reynolds averaged Navier-Stokes (RANS)-solver. The flow enters at the last blade row, goes backwards through the compressor and leaves the compressor in front of the inlet guide vane. The results show a very complex flow field characterized by large recirculation regions on the suction sides of the airfoils and stagnation regions close to the trailing edges of the airfoils. Based on these steady solutions, unsteady calculations are performed with a linearized aeroelasticity code. It can be shown that some of the rotor stages are aerodynamically unstable in the first torsional mode. Thus, in addition to the pressure shock, the blades may be excited by flutter during the surge blow-down phase. In spite of the short blow-down phase typical for aero-engine high pressure compressors, this may lead to very high blade stresses due to high aeroelastic excitation at these special flow conditions. The analytical results compare very well with the observations during rig testing. The correct nodal diameter of the blade vibration is reproduced and the growth rate of the blade vibration is predicted quite well, as a comparison with tip-timing measurements shows. A new flutter region in the compressor map was experimentally and analytically detected.