Tourism is entering a great crisis due to the worldwide panic of the Corona Virus, duration and scope still unknown, which is leading to the stock market crash continued for a week to all the giants of the sector. The impact of the COVID-19 Corona Virus on world tourism is unquestionable, and the authorities’ forecasts are based on previous experiences with similar crises such as that of SARS or H1N1.
Hotels, airlines, and cruise operators are just a few of the hardest hit travel industries that suffer the most immediate repercussions, mainly when the outbreak occurs during the Lunar New Year, one of the busiest travel seasons in Asia.
The impact of the Corona Virus on companies is already global with cancellations of trips, public events, temporary employment adjustments, and falls in income. One of the most extreme cases in Spain is that of the Zurich insurer, which has cancelled all trips of its 2,000 employees both inside and outside of Spain and obliges those who are on a journey to return.
Also, the US authorities dealt a great blow to world tourism, because before the alarm by the Corona Virus the Administration that presides over Donald Trump appealed to companies and public centres to avoid travel and large meetings. These measures will no doubt have a large impact on people’s travel arrangements to one of the most popular leisure destinations in the US in Las Vegas, as authorities will now seek to limit people’s face-to-face interactions, something that should have a positive knock-on effect on the ability of online casino and online betting sites worldwide to capitalise on their shortcomings in the coming weeks.
The Corona Virus has convulsed the world tourism industry, with large hotel chains and digital platforms such as Booking being forced to cancel reservations in the Asian country. The tourism industry faces an unprecedented confluence of threats – made up of a global health alarm; the shortage of aircraft due to the crisis of the Boeing 737 Max; the social demonization of travel; exaggerated and even false media offensives; climate catastrophes; sector taxes; bankruptcies of operators and airlines; and the political instability and economic slowdown in the large markets – which hints at least a global contraction for the tourism business in the near future.