A report issued earlier this year by the World Travel and Tourism Council (WTTC) shows that travel and tourism remains resilient as people continue traveling despite the threats to the world and calls on governments to work on four areas to prepare for these crises to mitigate against the inevitable disruption.
The recent high-profile terrorism attacks in London and Manchester are the kind of incidents that have a huge emotional impact on people, making them feel the world is more dangerous and not as welcoming as it once was. They see these attacks as part of an accelerating pattern and think maybe they should put off going to wherever the last attack occurred.
Few things are as unsettling to our lives and the economy as terrorist activity. A recent Gallup poll found that 79% of respondents believe international terrorism is a critical threat to the US, the highest of other potential threats like the nuclear ambitions of North Korea and Iran, cyber-terrorism or the spread of infectious diseases.
At the same time, the economic impact of global terrorism has been rising over the past decade. The Institute of Economics and Peace put the cost at over $52 billion for 2014 alone. The 9/11 attacks in New York and Washington were estimated initially to have cost $27.2 billion, but according to The New York Times, the economic impact comes closer to $3.3 trillion when indirect and long-term expenditures are included.
Now, on the heels of the recent Manchester and London attacks, many in Europe are wondering whether tourists will still visit this summer.
Tourism Remains Resilient in Face of Terrorism
If the World Travel and Tourism Council (WTTC) is right, they need not worry. Although the pace of growth may slow, says WTTC, the overall growth rate should show an upward tick by yearend. The group says that it takes tourism 13 months to recover from a terrorist attack. By comparison, they note, tourism takes longer to bounce back from a medical epidemic (21 months), an environmental disaster (24 months) and political unrest (27 months). Recoveries from natural disasters often take longer because it requires the rebuilding of infrastructure.
Source > https://www.forbes.com/sites/edfuller/2017/07/12/tourism-remains-resilient-in-face-of-global-terrorism/#5bb69991765e