The travel industry in the U.S. could be hit with at least a $24 billion loss in foreign spending this year as a result of the coronavirus outbreak.
The estimate comes from data produced by Tourism Economics, which tracks all travel spending, and detailed in a Wednesday report by CNBC.
“This situation is truly unprecedented,” said Adam Sacks, president of Tourism Economics.
The data revealed the loss would be equivalent to roughly seven times more than the industry suffered during the SARS outbreak in 2003, CNBC said.
The projection is based on the assumption the virus would be contained in six months. According to the data, foreigners who visit the U.S. typically spend about $256 billion in travel and tourism a year.
Tourism Economics is forecasting a 10% decline in international visits to the U.S. a year. The numbers suggest 8.2 million lost visitors on one year.
As a result, Tourism Economics anticipates about 825,000 jobs could be lost in the industry, CNBC noted.
The CNBC report was posted before President Donald Trump made the announcement on Wednesday night that he is suspending all travel from Europe to the U.S. for 30 days. He said the restrictions won’t apply to the United Kingdom and there would be exemptions for “Americans who have undergone appropriate screenings.”
Trump also said the Small Business Administration will make low-interest loans available to businesses to help them during the crisis.