The catastrophic economic fallout that Italy is about to experience will be historically remembered for decades. The limited movement towards the transportation of economic goods is expected to face challenges that’ll be logistically challenging to overcome. However, Italy operates on a large percentage of home-based economic interests & will likely allow Italians to overcome their difficulties until Spring 2021.
More significant concerns surround the Italian Tourism Industry, which is expected to become financially destructive for corporations & employed personnel within this workforce. The Italian Government cannot financially support these companies and their employed crews during the winter holidays. Associated costs in maintaining this financial aid would fluctuate the Italian GDP.
Statistical data suggests that between November 2020 to March 2021, international travel restrictions will be engaged for a 2nd time with numerous countries. That’s because the 2020 Flu Season is expected to cause an influx of confirmed COVID-19 infections worldwide. It’ll eliminate profits for the overall international tourism industry, with governments having to make their respective decisions on how these markets will survive until restrictions are lifted.
CEO of Travel Italian Style, Cassandra Santoro, an emphasis that tourists are required for their industry to sustain itself after the winter holidays. She’d mention how employed workforces being without work for five months would support an economic fallout that Italy hadn’t even seen. Pleas to international governments where tourism activity is high for Italian booking agencies have been made & often ignored.
Fall Before the Rise
Informative data regarding financial losses that’ll likely sustain the Italian Tourism Industry has been released. The overall disturbance to industry-wide profits for Italy is €68.2 Billion, with €42.6 Billion in losses expected with tourism spending & €24.6 Billion in losses for oversea bookings. However, Italian booking agencies & the overall industry are hopeful that tourism recovery efforts will allow former profits to become sustained by 2023. When looking at the statistical data, it shows that cities like Rome & Venice will likely experience the most significant losses. Tourism advertisement campaigns for towns like Milan, Florence, Rome, Venice, and Naples will be released by Spring 2021.