The Australian bushfires may cost tourism $4.5 billion as Americans, Brits and Chinese stop traveling there. Holiday cancellations from key markets including the U.S., Britain and China have flowed in according to peak industry body, the Australian Tourism Export Council. ATEC says Australia’s tourism export sector is worth about $40 billion to the economy. The losses way outshine the $1 billion losses put by the Australian Tourism Industry Council (ATIC). “People have basically stopped travel… And that’s absolutely understandable: human nature kicks in,” Simon Westaway, executive director of the Australian Tourism Industry Council told Reuters.

Source: Forbes January 20, 2020 07:29 UTC