Thomas Cook collapse could cost Greek economy over €2.5 billion, survey estimates

British tourists wait in a queue at the Ioannis Kapodistrias Airport in Corfu on Monday 23 September. Hundreds of thousands of travellers were stranded across the world Monday after British tour company Thomas Cook collapsed, immediately halting almost all its flights and hotel services and laying off all its employees. Photo: AAP via Stamatis Katopodis/InTime News via AP

2 October 2019 11:36am

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Aside from the immediate repercussions of Thomas Cook’s collapse, the consequences are sure to be felt well into 2020.

According to a survey released on Tuesday, the British global travel group’s collapse could cost the Greek economy over €2.5 billion (approximately AU$4 billion) in 2019 and 2020.

Greece’s has a total 9,917 hotels operating throughout the country, of which 1,193 were partnered with Thomas Cook.

Once the news was made public, Thomas Cook stopped almost all flight and hotel services, and laid off all its employees – leaving thousands in the lurch.

Just over a week on, Greece’s tourism industry is estimated to have already suffered a loss of up to €315 million (AU$513 million), according to the Research Institute for Tourism of the Hellenic Chamber of Hotels, based on data collected in the first four days of the collapse from Greek hotels cooperating with the travel group.

The Greek government has pledged to support affected businesses.