Based on last years tourism figures for Benidorm (2,158,000) an estimated €3,724,627 of tourism income is being lost every week.
If you conservatively estimate €50 a day on food and drink, (Pretty low for Benidorm!). €30 per night on accommodation and €10 a day on souvenirs and shopping. That’s €90 a day per person. Not taking into account seasonal swings. That’s an average of 5,912 tourists per day at €90 each.
So that’s a whopping €3,724,767 a week in lost revenue.
Local economical effect
Benidorm has approximately 70,000 registered residents and probably half as many again unregistered. So many of these people rely on the hospitality sector of Hotels, Bars, Restaurants etc.
Employees that were on full contract in the town are applicable for income support of some type. However, many employees off the books or on minimum contracts will be suffering during this global lock down.
Spain as a whole
According to figures (From www.Statista.com) just over 18 million Brits alone visited Spain in 2019. So following the same premise as above that could result in €31,068,493 a week in lost tourism revenues throughout the whole of Spain.
Other European Countries
France has the highest yearly tourism with approximately 90,000,000 tourists per annum from around the globe. European yearly tourism figures as a whole are approximately 672,000,000.
Therefore, if we take the above analagy to the extreme thats a potential loss of €1,163,076,923. That’s right, 1.6 BILLION every week of lost revenue in Europe.
In summary, lack of tourism will have a massive effect on not just Spain, but Europe as a whole. With no firm end date to this global epidemic, many people are going to suffer financially. Particularly in tourism areas directly and indirectly. For example suppliers to venues of food and beverages, cleaning companies for hotels to name a few. Let’s hope there is a quick end to this crisis and life returns to normality.