Coronavirus Fears Lead To Canceled Flights And Concerns Within The Travel Industry
Companies are canceling employee travel and airlines are slashing hundreds of flights amid fear of the spreading coronavirus. The slump is hitting the travel industry and related businesses hard.
Across the country and around the world, flights are being canceled, trade shows are being called off and businesses are cutting back on employee travel; all because of fears related to the spread of the coronavirus.
The sudden and unforeseen slowdown could cost the travel industry billions.
The Global Business Travel Association estimates that if coronavirus-related travel restrictions continue, whether the travel cutbacks are self-imposed or ordered by governments, spending on travel around the world could drop off by more than 37%, costing the industry a whopping $46.6 billion a month and nearly $560 billion in a year.
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