The coronavirus pandemic could cost the travel industry $800 billion and nearly 5 million jobs, according to an analysis released Tuesday by the U.S. Travel Association.
The numbers were presented at a White House meeting Tuesday by U.S. Travel Association President and CEO Roger Dow with President Donald Trump, Vice President Mike Pence, Commerce Secretary Wilbur Ross and other travel leaders.
"The health crisis has rightly occupied the public's and government's attention, but a resulting catastrophe for employers and employees is already here and going to get worse," Dow said.
"Travel-related businesses employ 15.8 million Americans, and if they can't afford to keep their lights on, they can't afford to keep paying their employees. Without aggressive and immediate disaster relief steps, the recovery phase is going to be much longer and more difficult, and the lower rungs of the economic ladder are going to feel the worst of it."
Total spending on travel in the U.S. is projected to drop by $355 billion for the year, more than six times the impact of 9/11, according to the analysis. Additionally, the projected 4.6 million travel-related jobs lost would alone double the U.S. unemployment rate.
"This situation is completely without precedent," Dow said. "For the sake of the economy's long-term health, employers and employees need relief now from this disaster that was created by circumstances completely out of their control."
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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