Spain’s tourism sector from Costa del Sol to Costa Blanca suffers CATASTROPHIC €18 bn losses over Easter alone amid Covid-19 lockdown

Spain’s tourism and hospitality sector has suffered catastrophic losses of at least €18 billion over the Easter period alone, according to the country’s federation of tourism, Federación Empresarial de Asociaciones Territoriales de Agencias de Viajes Españolas (Fetave).

THE losses have affected at least two and a half million workers in the sector and 400,000 tourism and hospitality companies across the country, from Costa del Sol to Costa Blanca, as well as mainland tourism destinations, since the country announced its lockdown to combat the coronavirus (Covid-19).

According to Fetave, the cancellation of 70,000 flights just over the Easter break has incurred losses of €10 million in flight tickets alone. Losses from hotel booking cancellations for this period amount to around €15 million. However, takings from bars, restaurants and nightlife activities, have resulted in horrific losses of between €8-€10 billion, it confirmed.

Although the government’s additional funding and loans to help the sector survive has been received well by the industry, Fetave said that many companies in the sector claim that accessing these funds is not as “quick”, “easy” or “efficient” as it should be. Fetave is urging the government to reform conditions, making it easier for companies in tourism and hospitality to access these funds from the official credit institute, Instituto de Crédito Oficial, “if they are to survive the catastrophic losses the industry is suffering right now”.