The Director of the European Travel Commission (ETC), Eduardo Santander, maintains that the tourism sector in Europe needs €375 billion to recover from the crisis generated by the coronavirus pandemic and to resume its operations.
“The European Union estimates that approximately €255 billion are needed to help member states recover the industry and approximately €120 billion for additional investments, to help operators and entrepreneurs resume their operations,” stated Eduardo Santander.
“Everything is equally affected, because the entire tourism value chain is interconnected. From cruise ships to other operators, and especially airlines, everyone is recording massive losses, with decreases ranging from 45% for airline operators to 70% for hotels and restaurants,” Santander explained.
He estimated that the current crisis is reflected in the high level of unemployment in the European tourism sector, “with 10 million jobs on the continent being at risk if the situation continues in the coming months.”
Source: Profit
Frequently Asked Questions
How much funding does European tourism need for recovery?
According to the ETC Director, the sector requires a total of €375 billion, including €255 billion for industry recovery and €120 billion for additional investments.
Which sectors within tourism are most affected?
The entire value chain is impacted, with airlines seeing a 45% drop and hotels and restaurants experiencing losses of up to 70%.
How many jobs are at risk in the European tourism industry?
It is estimated that approximately 10 million jobs across the continent are at risk if the crisis persists in the coming months.