An economic assessment of the impact of the Covid-19 pandemic on tourism in the midwest region has found that the sector could lose to €500m this year.
The review 'Mid West Economic Insights', compiled by Limerick Chamber Chief Economist Dr Catriona Cahill has found the region is facing significant visitor and tourism-related revenue decline.
Using regional data from Fáilte Ireland she estimated that the midwest region had losses of up to €174m for the second quarter of 2020 alone.
Dr Cahill said the midwest is particularly exposed to the adverse impact of Covid-19 on tourism with anticipated annualised losses now feared at between €372m to €496m. The summer "staycation" months will account for just a partial recovery, she believes.
The report found that the midwest does well in terms of foreign direct investment jobs in IDA-supported companies, which now account for 11.4% across the region. And 25.3% of people in Limerick are in FDI associated employment, second only to Dublin with 29%.
But Dr Cahill also outlines significant concerns about the impact of the pandemic on international travel and on connectivity to Shannon, as the airport contributes €3.6bn to the regional economy and supports 54,596 jobs.
Threats posed to Shannon airports connectivity brought about by the onset of the pandemic and the airports significant in terms of FRI, are a vulnerability for the wider regional economy, the report found.
