European Rug Tourism Industry US $ 1.1 Billion Every Month

European Rug Tourism Industry US $ 1.1 Billion Every Month

Concerns about the increasing spread of Covid-19 threaten the tourism industry throughout Europe. Data shows this sector suffered a serious blow. Even worse.

According to EU Internal Market Commissioner, Thierry Breton, tourism is one of the sectors hardest hit financially due to the corona virus. “This sector has lost € 1 billion or US $ 1.11 billion a month due to this disease,” he said, quoted by RT, Saturday (07/03/2020).

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The European Travel Commission announced that 10% of European GDP came from tourism. While in several EU member countries, including Spain and Italy, that figure reaches 14%.

Hotel cancellation rates in some regions in Italy have reached 90%. Tourism makes up 13% of the country’s economy. Italy is known to have confirmed more than 3,800 corona cases.

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The Louvre Museum in France was closed because its employees refused to work. They are afraid of contracting the disease. Last year, the Louvre Museum received 9.6 million visitors, nearly three-quarters of them were foreign tourists.

According to Ian Harnett, one of the founders of the macro strategy research institute. Absolute Strategy, summer vacation could be a problem this year because tourists delay traveling to avoid the virus. The continuing crisis could have a serious impact on the global tourism sector.

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“If this is extended, we are talking about the impact on Easter holidays, summer holidays, and whether staycation is the standard for all of us here. It will greatly damage the industry,” he told CNBC.

The United Nations has spent US $ 15 million from emergency funds to help countries with fragile health systems to stem the virus. While the World Bank has promised US $ 12 billion in aid for developing countries grappling with the spread of Covid-19.

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