A recent study by the World Tourism Organization (a United Nations specialized agency) determined the financial toll COVID-19 imposed on international tourism by May was three times that of the Global Economic Crisis of 2009.

The agency provided data regarding the impact with the most recent update of the UNWTO World Tourism Barometer showing the pandemic caused a 98 percent drop in international tourism in May 2020, when compared to May 2019. The data also revealed a 56 percent drop in tourism from 2019, between the months of January and May alone. This equates to a loss of $320 billion (approximately 300 million tourists) — more than three times the 2009 Global Economic Crisis.

“This latest data makes clear the importance of restarting tourism as soon as it is safe to do so. The dramatic fall in international tourism places many millions of livelihoods at risk, including in developing countries. Governments in every world region have a dual responsibility: to prioritize public health while also protecting jobs and businesses. They also need to maintain the spirit of cooperation and solidarity that has defined our response to this shared challenge and refrain from making unilateral decisions that may undermine the trust and confidence we have been working so hard to build,” said Secretary-General Zurab Pololikashvili, UNWTO.

UNWTO also notes data revealing a gradual positive change in trend as of July 1, when the Schengen Zone of the European Union borders began reopening. Read the full report here for more information.