Estimated impact of COVID-19 on tourism revenues in Italy for 2020

The EU tourism industry, which employs around 13 million people, is estimated to be losing around €1 billion in revenue per month as a result of the outbreak of COVID-19. In many otherwise popular tourist destinations, hotels have been deserted and restaurants, bars, tourist attractions, theme parks and museums closed. Trade fairs, congresses and cultural events have been cancelled or postponed. Sporting events, such as the Euro 2020 football championship and the Olympic Games, have been postponed until 2021. Ski resorts have ended the winter season early. Major cruise companies have halted operations; cruise ships have been stranded at sea, as more and more ports have temporarily refused them entry. Many countries have reintroduced border controls or banned certain travellers from entering their territory, leaving them struggling to return home. The situation is particularly difficult in several EU countries that are key tourist destinations, such as Italy (see Figure 1), Spain and France. According to estimates by the Italian Tourism Federation, Assoturismo, Italy stands to lose around 60 % of its tourists this year.