To: Oeconomicus who wrote (131254 ) 9/14/2001 10:36:49 PM From: GST Read Replies (2) | Respond to There will be many different impacts. For example, in Hawaii we count on Japanese airlines to bring in tourists. The planes are now being flown in empty to pick up tourists and take them home -- they arrive completely empty because they are not allowed to fly into the US with passengers, and few would come now anyway. They leave for Japan full. I don't think I need explain the impact that has on tourism here -- one of only two industries. (BTW, I confirmed this with my travel agent before I posted this -- my travel agent answers the phone in Japanese and I am one of their few English-speaking customers). Tourism is one of the largest industries in the world -- and the fastest growing. Combined with business travel, it is huge. You need not think too hard to conclude that it is in serious trouble in coming months. This is not just a "Hawaii" issue. San Francisco, New York and Florida are among the top tourist destinations in the world. And business travel immediately impacts every state. This is clearly one sector that is going into a sharp recession as of Tuesday. While it is difficult to put a figure on it, the airlines are getting $12.5 billion in loan backup from Congress and a gift of $2.5 billion to get them through the next 3 months. I think if you look at the total impact on travel in the US, we could "guess" that the impact on all sectors from this slump could be on the order of $30 to $60 billion in lost revenues in the next 3 months for hotels, amusment parks, airlines, car rental -- etc., etc. Make no mistake - this is a "guestimate" -- but it is a reasonable one.
