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NYC: NYC Lost $1.2 Billion In Tax Revenue As Tourism Plunged 73% During Pandemic

As Europe rolls out a vaccine passport to try and support its tourism industry by any means necessary, New York City’s tourism industry is just showing its first signs of revival.

And with those who choose not to get vaccinated restricted from traveling abroad for the foreseeable future, domestic destinations like the Big Apple are excited by the prospect of a bigger-than-expected rebound. On that note, Bloomberg reports that the city’s tourism industry is just showing its first signs of revival, according to a report from the state Comptroller’s Office.

Spending by visitors to New York City dropped by 73% in 2020 from the year before, costing the city $1.2 billion in lost tax revenue, as 43.7MM fewer visitors arrived in the city in 2020. This accounted for 59% of the $2 billion in lost revenue the city believes was lost due to the pandemic. What’s more, the industry’s overall economic impact fell to $20.2 billion in 2020 from $80.3 billion in 2019.

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