Risk and Sustainable tourism resilience in the Post Economic Crisis and COVID-19 pandemic period

Abstract

The study aims to explore the resilience and adaptation of the tourism sector during economic and health crises, with a focus on specific events and their impact. The main objective is to contribute with valuable insights to the ongoing discourse on crisis management and sustainable practices within the tourism industry. Thus, it presents the dynamics of the tourism sector's resilience and adaptability amidst challenges, spotlighting the repercussions of the 2008–2012 economic crisis and the unprecedented COVID-19 pandemic. Through a theoretical analysis of tourism risk, the research asserts the industry's susceptibility to exogenous hazards, emphasizing the multi-level risks spanning from individual businesses to the broader tourism landscape. The study shows the distinct characteristics that differentiate the 2008–2012 economic-financial crisis, highlighting globalization's intricate interdependencies, and the consequential impact on public finances. Amidst these challenges, the tourism sector faced a notable reduction in tourist numbers, nights spent in accommodations, and a fluctuating percentage of international tourists. However, a detailed examination reveals the industry's resilience strategies during the economic crisis, as tourists, while adjusting behaviour, continued to engage in travel with altered preferences, prompting the sector to adapt and survive. Shifting focus to the COVID-19 pandemic, the study unfolds a sector witnessing unprecedented challenges ranging from business closures and mass unemployment to financial losses. The global decrease in tourist arrivals echoes the profound impact of travel restrictions and the obligatory vaccination certificate. Analyzing the resilience of the tourism sector during the pandemic, the study explores the aftermath of decreased visitor numbers, a substantial hit to the sector's economic contribution, and the liquidation of numerous small and medium-sized enterprises. The article also sheds light on anti-crisis measures and strategies adopted during the pandemic, including EU funding initiatives and policy recommendations. Throughout, the study implicitly underlines the importance of adaptive strategies and policy interventions for sustained resilience in the tourism sector, providing valuable insights for policymakers, industry practitioners, and researchers dealing with challenges imposed by economic and health crises.