More evidence of the economic impact Egypt’s crisis is having on the tourism industry emerged on Tuesday when Thomas Cook said it expected to lose £20m in revenue due to the crisis there and in Tunisia. It was following in the footsteps of Tui Travel, which that last week said it would take a £25m hit.
Those two companies will bounce back because they can send their clients elsewhere. But the same cannot be said of Egypt’s domestic tourism industry, which is one of the country’s main sources of foreign revenue and accounts for over 11 per cent of gross domestic profit.
Thomas Cook and Tui Travel are also incurring costs from repatriating customers and cancelling planned packages for travellers from countries where governments have issued travel warnings over Egypt.
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