Insider Economy Collateral damage from Thomas Cook collapse

Collateral damage from Thomas Cook collapse

Five days after the official announcement of Thomas Cook’s bankruptcy and tourism flow to the Mediterranean island continues but not without collateral damage.

The consequent decreased number of tourists plus the inevitable fact that the tourist season will end earlier than in previous years has already affected the turnover of bus companies, taxis and rental cars.

The higher the number of tourists over the 6-7 peak season months the higher the turnover for these sort of businesses, plus Thomas Cook was affiliated with a specific bus companyin Cyprus.

However, it is estimated that the negative consequences on the entire transport sector will be somewhat limited since the British company’s collapse came towards the end of the season.

An insider told Phileleftheros: “In the transport industry we focus on numbers, so what has been done has been done. We now focus on the next summer season, trying to do our best.”

Nonetheless, the construction industry is also expected to be affected. Hoteliers trying to limit their losses will not go ahead with renovation, thus, developers will be affected and subsequently construction workers. As well as suppliers of sanitary ware, ceramics, etc.

The positive news – at least for now – comes from Scandinavia. In addition to return flights of tourists from the United Kingdom, five flights are expected today from Germany and Scandinavia. Germany’s Condor flies to and from Frankfurt on Fridays, while that of Thomas Cook Scandinavia flies on these days to Copenhagen, Oslo, Gothenburg and Stockholm.

There is no information, so far, of any changes regarding these flights which are to bring new tourists to the island and take back those who have completed their holidays.

October seems to be the month for Scandinavians with 8.8% of arrivals to Cyprus being from that region. Last October, the total number recorded from Denmark, Sweden, Finland and Norway was 38,540.

The corresponding percentage in August 2017 was 6.7% with arrivals from Scandinavia reaching 36,018 out of a total of 534,847. However, the highest number of arrivals from Denmark (6,942) and Finland (5,247) is recorded in October.

From the beginning of the year till the end of August, the total number of arrivals from the Nordic market reached 195,000 thousand. Specifically, 104,181 visitors were from Sweden, followed by Norway with 45,009, Denmark with 27,820 and Finland with 17,049.

Read more:

 

https://in-cyprus.com/uks-business-committee-to-investigate-thomas-cook-collapse/

 

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