The study compares the impacts of Covid-19 to past disease outbreaks, disruptive events, and examines the current effects of the pandemic in general and on the tourism industry in particular. It aims to discuss the impact on demand and supply of the tourism industry, examines the possible recovery of tourism industry, and opportunities to transform practices, norms, and procedures. It discusses about the opportunities for new firms to enter, opportunities for current firms, and strategies to combat the pandemic. A qualitative and a conceptual analysis of the literature on past disruptive events, effects of Covid-19 on tourism industry, and the possible recovery are performed. It predicts that the recovery of tourism industry will be slow. It suggests the roles to be played by various agencies, the need for changing products and experiences, importance of research, opportunities for market entry, and for making structural changes to the industry, and policy implications.