In 2020, Italy had €120.6 billion financial loss

Friday, April 16, 2021

In Italy alone, the pandemic has aggravated a total of €120.6 billion financial loss and a 51 per cent drop in contribution to the GDP of the country in 2020, as almost all countries called off international travel on a temporary basis to curb the spread of the virus any further.

Besides, a total of 337,000 people associated with travel in Italy have become jobless, facing innumerable difficulties.
These statistics have been disclosed in a recent survey conducted by the WTTC, presented during the annual Economic Impact Report (EIR), SchengenVisaInfo.com reports.

The data in the report highlights that tourism in 2019 contributed to the GDP of Italy was €236 billion or 13.1 per cent. The figures in 2020 due to the pandemic declined to €116 billion or seven per cent.

However, Gloria Guevara, President & CEO of WTTC, considers that the situation could have been worse if the government of Italy did not introduce job retention schemes that benefited thousands of businesses as well as workers.

“The situation could have been far worse if it were not for the government’s Cassa Integrazione Ordinaria scheme, which supported up to 80% of a worker’s salary and kept many people in their jobs whilst the Travel & Tourism sector continued to suffer,” she pointed out.

In 2019, the number of women, youth, and minorities in the travel sector was 3.5 million. After 12 months, it marked a 9.6 per cent slump, to about 3.2 million in 2020.

“Another year of terrible losses can be avoided if the government supports the swift resumption of international travel, which will be vital to powering the turnaround of the Italian economy,” Guevara pointed out.

« Back to Page

• Four Seasons Marrakech Welcomes Executive Chef Roberto Dal Seno

• Celebrating Sustainable Seas: Monaco Energy Boat Challenge Welcomes New Award for Yachting Innovation

• Italy launches digital nomad visa for the non-EU residents

• Here’s what you need to know about the flights from Prestwick Airport

• COPPA DELLE ALPI 2024: From the Adriatic to the Heart of the Alps, Trieste to Courmayeur