For Europe, 300 Million Tourist Visits at Risk

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By Douglas A. McIntyre Published
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For Europe, 300 Million Tourist Visits at Risk

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Just four countries in Europe had 270 million tourist visits last year. The United Kingdom had 36 million, while there were 89 million in France, 83 million in Spain and 38 million in Germany. The remaining countries in the region had tens of millions more per year. How many of these people will not come this year? By some estimates, 20% to 50% of a normal year. However, the spread of COVID-19 has quickened from the United States to South America, to Russia and India. The worst-case estimates have become ever more likely.

Take France. Estimated tourism revenue is $73 billion a year. Tourism has an invisible ripple effect on economies. There are tickets and hotel meals. There are companies that unload baggage, provide food to hotels and restaurants, and provide uniforms for employees. There are cars that take workers to and from the places where they work. Where does the effect end? Any answer is a guess, no matter how educated.

One effect is certain. Hundreds of thousands of people have jobs that rely directly on tourism. The ripple effect makes that much larger. Whatever harm the pandemic has done to these economies and will do in the future will make the lack of travelers worse.

Economists say that several factors might mitigate the loss of traditional travelers. In the European Union, people may be able to travel from country to country. Some tourists travel within their own countries. A global flare-up of COVID-19 will take a great deal of this upside away.

[nativounit]
Tourism, a mainstay of the EU and U.K. economies for decades, back well into the 19th century, has started to wither. It almost certainly will not return to the levels of the past several years for a very long time.
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Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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