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Corona crisis: Travel industry takes 28 billion euros less

“Dealers without goods”: According to the association, sales in the German travel industry will collapse by more than 80 percent this year. According to consumer protectors, this is partly self-inflicted.

The German travel industry is struggling with billions in lost sales during the corona crisis. “The companies in the travel industry are reporting revenue losses of more than 80 percent, which corresponds to an order of magnitude of 28 billion euros for 2020,” said the President of the German Travel Association (DRV), Norbert Fiebig, to the “Handelsblatt” newspaper. The industry’s financial situation is “extremely tense, insolvencies are the result”.

11,000 travel agencies, 2,300 tour operators and many thousands of tourism service providers are therefore currently “de facto closed”. Travel warnings and restrictions have, with few exceptions, “brought the tourist travel market to a complete standstill”, said Fiebig.

Consumer protectors: situation partly self-inflictedTravel agencies and tour operators, as well as many tourism service providers are “traders without goods”, as currently hardly any of 193 countries worldwide can travel without official restrictions. According to Fiebig, travel companies will be affected by the far-reaching restrictions on travel far into next year. Fiebig therefore called for more support from the German government in order to secure the 2.9 million jobs in the travel industry. The travel group TUI, for example, is already negotiating additional state aid of up to two billion euros.

Image source: https://bit.ly/3pAaUNM

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