Airlines have cut thousands of flights. Disney has closed parks in China and Japan. Two of the world’s biggest hotel chains have shuttered hotels in China. “In my mind, this is worse than the financial crises,” the chief exec of the U.S. Travel Assn said.
For the last decade, the U.S. travel industry has been enjoying an unusually long stretch of growing demand, pushed by a strong economy and relatively cheap jet fuel.that has killed more than 3,300 people and infected tens of thousands more is already projected to inflict billions of dollars in losses, representing the biggest hit to the $8.8-trillion global travel industry since the economic meltdown of 2008-09.
“In my mind, this is worse than the financial crises, but hopefully not as bad as the 9/11 [terrorist attacks] when the whole industry stopped,” said Roger Dow, president and chief executive of the U.S. Travel Assn., the trade group for the country’s travel industry. “The numbers we are losing right now are monstrous.
“Since that time, the virus has spread to over 80 countries and forward bookings have been severely impacted on routes beyond China,” the trade group said in a statement.
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