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Wednesday, October 4, 2023

Venice Hotels Tally Financial Losses Caused by Recent Flooding.


Rome: Venice’s Hoteliers association has estimated a 30 million Euros worth structural damage caused by recent flooding.

The Overall Losses by cancellations of reservations and its impact on hospitality and tourism industry are expected to be much higher. City’s hotelier’s association had earlier reported an immediate cancellation of 45% of the bookings

According to reports, Venice hoteliers association’s president Vittorio Bonacini , while addressing a press conference with International press , said that they are still waiting to calculate the loss in revenue and to quantify how much was lost in terms of cancelled reservations. According to Bonacini, bookings for New Year’s period this time are well below 50% of the total room’s availability, which in the had been sold out.

Last month’s flooding, that was worst in more than 50 years, had caused major damage to city’s infrastructure that included houses, businesses and historic monuments. The Total Estimated losses are being estimated to be around 1 Billion Euros.

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