Thomas Cook’s collapse may cost Greek economy over 2.5 bln euros: survey

Thomas Cook airlines. Photo: Famagusta Gazette

The collapse of Thomas Cook may cost the Greek economy more than 2.5 billion euros (2.7 billion U.S. dollars) in 2019 and 2020, according to a survey released on Tuesday in Athens.

Greece’s tourism industry has already suffered losses reaching up to 315 million euros, according to the first estimates made by the Research Institute for Tourism of the Hellenic Chamber of Hotels.

The research was based on data collected by Greek hotels cooperating with Thomas Cook in the first four days after the collapse (Sept. 24-27, 2019), read an e-mailed statement issued by the Hellenic Chamber of Hotels.

Out of a total of 9,917 hotels operating across Greece, 1,193 had partnered with Thomas Cook.

According to the experts, the Greek tourism sector will lose next year one billion euros and the overall effect on the national economy will amount to 2.5 billion euros in the coming months.

The government has already pledged measures to support affected businesses. Alexandros Vassilikos, president of the Hellenic Chamber of Hotels, urged for more to be done to protect one of the traditional pillars of the Greek economy which remained resilient even during the past 10 years of the debt crisis. (1 euro= 1.09 U.S. dollars)