Collapse of international travel will cost Italy €36 billion

TOURISTS: Internaternational visitor spending in Italy down 82%. CREDIT: Pikist

The collapse of international travel caused by the coronavirus pandemic, will cost the Italian economy €36.7 billion during 2020.

RESEARCH by the World Travel and Tourism Council (WTTC) shows the huge drop in the number of overseas travellers as a result of the health crisis, has seen international visitor spending in Italy slashed by a whopping 82 per cent.

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On average, the country is seeing losses of €700 million each week, according to WTTC, whose members recently urged PM Guiseppe Conte and other G7 country leaders to push for a synchronised approach to ensure a global recovery response to the crippling crisis.

Of the 29 million jobs expected to be lost in the travel and tourism sector across Europe, 2.8 million of them could be shed in Italy.

WTTC President and CEO, Gloria Guevara, said that the loss of €36 billion or €100 million a day to Italy’s economy could take years to recover, reports Schengen Visa Info.
She warned the situation could affect Milan’s position as the “global financial powerhouse for business and Rome’s position as a major leisure destination”.

The way forward, she believes, is to take a coordinated approach to reestablishing transatlantic travel, which could “help the tourism and travel sector revitalize and it could be beneficial to airlines and hotels, travel agents and tour operators”.

“We must replace any stop-start quarantine measures with rapid, comprehensive and cost-effective test and trace programmes at departure points across the country.

“This investment will be significantly less than the impact of blunt quarantines which have devastating and far-reaching socio-economic consequences.

“A fast turnaround test and trace system in place for all departing passengers means the government could consider reinstating travel between Italy and major international hubs, a move which would help kick-start the economic global recovery,” Guevara told Schengen Visa Info


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