The value of shares in leisure and travel companies has significantly dropped after the explosions that took place in Brussels. In fact, 98% of the bookings that were made in between 22nd March to 31st March got cancelled. Moreover, authorities reported that the subsequent lockdown of the city cost Brussels $51.7 million daily. These data confirm that Brussels tourism needs to face a period of decline similarly to Paris.
The attacks took place when people were on their way to work on a Tuesday. Therefore, they turned out to be catastrophic and had a tremendous impact on the economy of the country as well.
People in Brussels were getting ready for the Easter break as well and it was a peak time for Brussels tourism. However, the attacks changed everything and now the entire country will have to face the negative effects that are associated with it.
Right after the explosions, flights were cancelled and the entire railway system was shut down. This resulted in a quick drop of European airline stocks along with the Brussels tourism indices. Even some hotels in the city took necessary measures to cancel their bookings.
Brussels is a city that attracts millions of people throughout the year. The headquarters of European Union is located within Brussels as well and it can be considered as an important location in the European politics.
Chocolate, medieval architecture and beer have also contributed a lot towards the popularity of Brussels tourism. Moreover, the city is well known for the rich cultural history. However, the image of the city is now bruised because of the terrorist attacks. Local authorities are struggling to re-create the image that the city had.
According to the statistics, 3.4 million people visited Brussels in 2014 and 3.3 million in 2013. However, the number of tourists who travel around Europe dropped after the terror attacks in Paris and hoteliers and tour operators lost millions of Euros. However, the tourism industry of Paris is blooming again at a slow pace.
Brussels tourism authorities hope for similar scenario. The security of the entire city is strengthened and chances of another attack is very low.