Greek hoteliers set to lose €300m from Thomas Cook collapse

24 September 2019
369 Views

Greek hoteliers are estimated to incur losses of €300m due to the collapse of global tour operators Thomas Cook, according to the president of the Hellenic Hoteliers Federation (HFF).

It might yet be unclear how the bankruptcy will affect the group’s activities in other markets in relation to Greece, like Belgium, the Netherlands, Scandinavian markets, Germany, the HFF President Grigoris Tasios estimates that these losses relate only to the damage suffered by domestic tourism from the British market.

He stressed under the current circumstances it is especially important to make visitors stranded in Greece welcomed while doing everything possible form their return. According to Mr. Tasios, the problems are more heightened in Crete, Rhodes, Kos, and Corfu.

According to initial calculations by Cretan hoteliers in Rethymnon and Heraklion, between €80 and €100 million are expected to be written off as losses for the entire island, with the most important issue being how much of those losses travel insurance companies will be covering.

In any event, it is reasonable to assume that any indemnities – if any – will be delayed, placing a huge burden on tourism businesses, as their financial obligations and deadlines to other parties will have to be met.

Exacerbating this pressure on the accommodation and hospitality sector in Greece is the fact that the travel agency made its payments after a period of two to three months.

According to estimates, there are currently 2,500 visitors in Rhodes and about 1,600 to Kos who have come via Thomas Cook. Especially for today, there was no scheduled flight of the company from Rhodes. As far as Kos is concerned, 3 flights have been scheduled for today, the passengers of which are being served by other airlines and their return operation to England is progressing smoothly.

Meanwhile, competent state authorities in Greece like the Tourism Ministry have been in continuous contacts with relevant partners affected by the dire development in an effort to mitigate the effects as much as possible.

You may be interested

Covid-19 Greece – 2,018 new cases on Thursday
GREECE
shares19 views
GREECE
shares19 views

Covid-19 Greece – 2,018 new cases on Thursday

makis - Nov 26, 2020

The Greek authorities announced 2,018 new cases of coronavirus on Wednesday, of which 2 were detected following checks at the…

Covid-19 Greece – 2,152 new cases on Wednesday
GREECE
shares34 views
GREECE
shares34 views

Covid-19 Greece – 2,152 new cases on Wednesday

makis - Nov 25, 2020

The Greek authorities announced 2,152 new cases of coronavirus on Wednesday, of which 6 were detected following checks at the…

Greece provides 50% tax deductions to foreigners and Greeks abroad
FINANCE
shares31 views
FINANCE
shares31 views

Greece provides 50% tax deductions to foreigners and Greeks abroad

Panos - Nov 25, 2020

The Greek Finance Ministry is introducing a series of tax incentives with the aim of attracting foreign workers and the self-employed, as…

Leave a Comment

Your email address will not be published.