DOCKSIDE JOURNAL ENTRY / February 20, 2020
The Business Impact of the Coronavirus: Check Your Contracts and Keep People Safe
By Natalee Giamalis, CMP
The news of Mobile World Congress cancelling their massive, international business event last week drew attention to areas of risk that many outside the event industry may not have considered regarding the coronavirus outbreak. In an ever-increasing globalized world, the impact of the health and safety of one area or nation is never confined by geographic borders — this is especially true for the tourism and events industries.
In 2019, the World Travel & Tourism Council reported that business travel accounted for 21.5% of the overall spend for travel and tourism in their annual economic impact analysis. This large market share is vulnerable to global catastrophes of all shapes and sizes, as we have seen through natural disasters like the 2010 eruptions of Eyjafjallajökull in Iceland, political unrest such as last year in Hong Kong, labor disputes as we have seen with Lufthansa and France’s National Rail, and the list goes on and on.