Those involved in the event are concerned about the economic consequences of the measures taken to combat the spread of the coronavirus, which has claimed the lives of more than 3,000 people worldwide. The ban on events of more than 5,000 people in confined spaces, combined with the fear of potential tourists, could paralyze an entire economic cog.
One by one, all events are canceled. After the postponement of the Paris half-marathon, the cancellation of Cannes Mipim (world real estate event, ed) and Book fair to be held from March 20 to 23, event professionals are starting to be very concerned about the coronavirus epidemic. The disease is spreading all over the Globe and touch France now harder, where 130 cases are listed. Paris is the number one destination in the world for hosting conferences, and France is 4th in this ranking worldwide.
Billions of euros at stake
Behind these congresses and events, an entire economic ecosystem exists. The companies that organize them first, but also all the subcontractors, the hotels that welcome festival-goers and the restaurants that live on the increase in attendance during the period. Billions of euros are therefore at stake.financial markets around the world, the actors of the events fear the coronavirus.
Because the cancellation of certain events combined with the fact that many foreign professionals no longer come for fear of traveling will therefore complicate the entire economic sector. Ditto for theaters. France has more than 90 of 5,000 spectators or more. Just Sunday, the hip-hop event Just Standing 2020 has been canceled at the AccorHotels Arena in Paris. The smaller rooms should not be spared either. “At least for a few weeks, people will be afraid,” notes a large player in the sector.
Finally, tourism stakeholders are worried. Already at the end of January, the Chinese government has decided to suspend organized trips abroad. But the epidemic arrived on European soil and in particular Italy, which counts more than a thousand cases. The Quai d’Orsay now believes that it is “better to postpone travel abroad”, while on Sunday, the Louvre did not open, due to the right of withdrawal exercised by employees.
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