Civil Unrest Causes Further Airline Losses
Greece is currently going through what could be considered a dark day in its history with riots in the street after its government has made cuts in order to stop the country going bust. The outburst by the Greek people has been well televised and as a result is acting as a major deterrent to tourists who would have normally chosen Greece as a holiday destination. UK holiday company Thomas Cook have certainly been feeling the effects as they are suffering a 24% fall in booking to Greece.
As the protests continue is looks like the interest in what is Thomas Cooks top destinations looks set to continue. An average of 600,000 holidays a year are booked to Greece and as a result Thomas Cook are seeking government compensation. This all comes so soon after the huge losses suffered due to the volcanic ash cloud. The ash cloud caused 188,000 holiday to be cancelled and losses of around £70 million.
A Thomas Cook spokeman had this to say, “Most of the demos have been in Athens but people are worried about how the nationwide strike will affect them. My advice is to carry on as normal. If I was them, I wouldn’t cancel.”
Thomas Cook is also looking to take advantage of holiday companies which have been took to the brink of going out of business as a result of the recent disruptions in the tourism market. Thomas Cook was also comforted by the fact that their losses were only £252 million to March 31st from 309 million the previous year.