Europe is facing another lost summer tourist season as the number of new cases of COVID-19 rises and vaccination progresses slowly. This could cause great economic damage to Italy, Spain, Portugal and Greece. According to Reuters, the American investment bank Morgan Stanley stated this.
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“The high number of cases and slow vaccinations in Europe could lead to a late reopening, which threatens the summer season,” the bank said. She pointed out that such a development could widen the gap between southern and northern Europe and lead to further measures to support the economy.
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Last year, part of the summer tourist season in Europe was saved because, due to restrictions and seasonal factors, the spread of coronavirus slowed down compared to spring, the bank warned. “However, we are a little skeptical whether this can happen again this year, given the new variants of the virus, which seem to be more transmissible and dangerous,” she added.
Morgan Stanley assumes that the greatest impact of the next lost summer tourist season would be felt by southern European countries. Overall, the tourism industry accounts for more than six percent of European GDP and more than eight percent of employment. However, in countries such as Italy, Spain, Portugal and Greece, these shares are significantly higher. “According to our analysis, Spain is particularly vulnerable,” the bank said.
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