In March 2020, world tourism came to an abrupt halt as COVID-19 precautionary measures shut down the entire world. The economic effects are being felt worldwide by most industries, however, the travel and tourism industry may very well have been hit the hardest.
Below, we will answer the question of exactly how much some of Europe’s most-visited countries will lose due to the pandemic.
All information below is according to a series of reports published by the World Travel & Tourism Council (WTTC).
Italy
The Italian economy is losing €100 million per day.
The latest research conducted by the WTTC says that Italy is set to lose €36.7 billion in lost revenue from tourism and travel alone. This number translates into a drop of 82% from the revenue created by tourism in Italy.
WTTC reported in 2019 travel and tourism accounted for 3.5 million jobs, or 14.9% of the total Italian workforce. In addition, the industry generated €232.9 billion to the Gross Domestic Product (GDP) or 13.9% of the Italian economy.
Total projected losses for Italy: €36.7 billion.
France
The French economy is losing €11.2 million per day.
The WTTC reports than a projected €48 billion will be lost from the French economy due to COVID-19 from the travel and tourism sector alone. The totals to a loss of about 82% from past revenues generated by the industry.
During 2019, the travel and tourism sector accounted for 2.7 million jobs, or 9.4% of the country’s total workforce. It also generated more than €2.5 billion towards French GDP, which is roughly 8.5% of the total French economy.
Total projected losses for France: €48 billion
Germany
The German economy is losing €104.1 million per day.
According to the WTTC, a projected €38 billion will be lost from the German economy in 2020 from the travel and tourism sector. The accounts for a decline of about 82% from past revenues generated by the industry.
In 2019, according to the WTTC, 5.7 million jobs in Germany belonged to the travel and tourism industry, or 12.5% of the country’s total workforce. The industry generated €310.9 in 2019, or 9% of the German GDP.
The WTTC
The WTTC is an independent organization that works to “ensure the sector is seamless, secure, safe, inclusive and sustainable. We raise awareness of Travel & Tourism’s value, not just as one of the world’s largest economic sectors, but also to the many communities and travellers enriched through their experiences.”
The WTTC has been operating for over 30 years to support the travel and tourism sector worldwide.
The organization creates reports based on worldwide travel data and makes recommendations to governments around the world to support and develop their travel and tourism sectors, strengthening it worldwide.
To read the full reports from the WTTC, click the links below:
