There are many unknown data that are currently in financial circles. The duration of the pandemic is the most important, which has caused a freeze on any economic activity.
Tourism, which is the most important part of the Cypriot economy, is on hold. Only cancellations are the daily image of hoteliers who are worried about the next day. They are worried about when hotels will open as foreign travel agents announce they will be able to make reservations and bookings after June.
According to F’s information, foreign tourist agents have begun to inform hoteliers of what is to come. TUI first announced that it is suspending most of its activities, including travel, cruises and hotels. Yesterday JET2 holidays announced that it would not reopen until at least June 17. In fact, as he informed the hoteliers, he will emphasize 2021.
This announcement has sounded an alarm to the hoteliers, who are worried about the descent of tourists on our island, while other tourist agents are expected to issue similar announcements. The bet is huge for this year’s tourist season. The House gave the green light to a € 11m budget for tourism recovery.
However, the World Tourism Organization estimates that the pandemic will lead to a 20% to 30% drop in tourist arrivals this year, while revenue cuts are estimated at $ 300- $ 450 billion, equivalent to about a third of the total. revenue in 2019.