Hurricane Sandy Could Severely Impact Business Travel - GBTA
Business Travel Could See Losses of up to 500,000 Trips and $600 million
Hurricane Sandy is threatening the East Coast with forecasters calling the twin threat of winter storm fronts and hurricane conditions a "Frankenstorm." Heavy rain, extreme tides, high winds and possible snow are expected to barrel north Sunday, peaking Tuesday and linger through Halloween. Global Business Travel Association (GBTA) research can provide a picture of what the impact a storm of this magnitude could have on business travel.
Disruptions in business travel can have wide-ranging repercussions. In the GBTA model, business travel could lose as much as 514,000 trips and $606 million in spending due to storm related cancellations.
The report also predicts that:
- Interrupted business trips could result in a total GDP loss of about $675 million
- Potential lost federal, state and local tax revenues of $176 million
The eleven East Coast states in the path of the scenario storm could suffer an average business travel spending loss as high as $58 million per day.
The full report is available to media upon request.
Phone: +1 212-446-1897
About the Global Business Travel Association
The GBTA Foundation is the education and research foundation of the Global Business Travel Association (GBTA), the world"s premier business travel and meetings trade organization headquartered in the Washington, D.C. area with operations on six continents. Collectively, GBTA"s 9,000-plus members manage more than $345 billion of global business travel and meetings expenditures annually. GBTA provides its growing network of more than 28,000 travel professionals and 125,000 active contacts with world-class education, events, research, advocacy and media. The Foundation was established in 1997 to support GBTA"s members and the industry as a whole. As the leading education and research foundation in the business travel industry, the GBTA Foundation seeks to fund initiatives to advance the business travel profession. The GBTA Foundation is a 501(c)(3) nonprofit organization. For more information, see gbta.org and gbta.org/foundation.