Travel hit hard as coronavirus shock spreads globally – Bloomberg

Every spring, tourists return to Lake Como in northern Italy, which is also a famous summer resort. But this year, the local hotel industry is concerned about a lack of customers due to the novel coronavirus.

Hotels in the region have canceled more than half of their bookings in the past three days as the coronavirus outbreak spreads across northern Italy. Dark clouds are beginning to hang over the lodging industry during the all-important peak summer season.

“There have been ups and downs in the past, but this is the first time,” said Roberto Cassani, 58, president of the local hoteliers association.

Coronavirus spreads faster in China where it originatedAlthough slowing, it is expanding in other countries and regions such as South Korea and Italy, and the number of global infections isMore than 93,000 people.

According to the United Nations World Tourism Organization (UNWTO), international tourism exports totaled US$1.7 trillion (about 183 trillion yen) in 2018, but this huge market is under threat.

Business Travel AssociationThe Global Business Travel Association (GBTA) says the coronavirus could cost the industry an estimated $47 billion a month.IATA records record salesEstimated to be around $30 billion.