Thomas Cook’s closure brings considerable threat to Spain’s tourism sector

Published on : Tuesday, October 15, 2019

The closure of Thomas Cook brings considerable threat to Spain’s tourism sector with around 500 hotels across the country facing closure, causing losses up to hundreds of millions of Euros.

 

As per the Spanish Confederation of Hotels and Tourist Accommodation, around 1.3 million tourists will not be able to fly into Spain, initiating hundreds of hotels to close its doors.

 

The Spanish government is of the opinion that the famous Canary Islands will see 400,000 less tourists this winter after Thomas Cook’s fall.

 

While tourism accounts for around 11% of Spain’s economy as a whole, it makes up 35% of output in the Canary Islands, and 45% in the Balearic Islands.

 

The two regions had a combined loss of 700,000 bookings for the winter season with the collapse of Thomas Cook.

 

The Spanish government has pledged to spend 500 million Euros ($551 million) for tourism infrastructure.

 

700 employees of Thomas Cook’s largest Spanish subsidiary said that they had to work months without pay. They said that they found themselves in a legal limbo by coming to work without getting their salaries, since failure to show up would lead to dismissal without any claims.

 

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