It is no secret the effects of the COVID-19 pandemic on the EU hospitality industry are severe. Extended lockdowns and travel restrictions have led to a decline in tourists and travellers. Fortunately, measures are being put in place to help the sector rebuild and we explore how the businesses can take capitalise on the relief available.
How travel restrictions affect economic output
A decline in tourism and international visitors to curb COVID-19 is serving as a significant blow. It's estimated that 10% of economic output throughout the EU comes from the tourism sector. Additionally, tourism makes up 12% of those currently in the workforce. Furthermore, a report from the World Travel and Tourism Council (WTTC) suggests:
- Job losses might reach 2 million in areas like France and revenue in upwards of €48bn
- Germany may lose €38bn and job losses there might reach 4.6 million
- The UK could lose €24bn by the end of the year putting 3 million jobs at risk.
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