Although it is not yet possible to provide a more accurate estimate of this, it is quite certain that it will take years for Australia’s economy, including its tourism performance, to recover from the damage caused by the devastating fire. According to the first estimates released in the second half of January, according to the Asia Times, the value of the damage has already reached USD 3.4 billion, and much of the money is still to come. Meanwhile, news has also arrived about how and to what extent the Australian government envisages launching tourism so important to the country.

There are already twenty-eight fatalities in the Australian fire, which has claimed the lives of 1 million animals in addition to human lives and is causing significant economic damage to the continent’s country. To date, about 2,300 homes have fallen prey to bushfire flames and burned roughly 50,000 square kilometers, mostly in rural areas of New South Wales, Victoria, South Australia and Queensland – a larger area than Denmark.

And the losses are growing, while in recent days, in addition to the fire, the people living there have had to cope with severe storms and hail. Still, the biggest threat, it seems, remains fire. The most dangerous period for scrub fires only begins in February, which is the hottest month in South East Australia and brings heat to the area until March, unless there is more rain. For what is raging in some places now is not enough to put an end to the raging fires.

That’s what Australian inferno costs so far:

Insurance claims for private property – especially real estate – here are close to $ 700 million (US), so far at least as many claims have been filed with companies, but this is certainly not the final bill. Economists at Sydney-based bank Wes tpac estimate that Australia’s economic growth will be 0.2-0.5 per cent lower than it would otherwise be in 2020 due to the fire.

The bank puts the total amount of damage on insured and uninsured assets at $ 5 billion, but the financial institution added that the damage caused by disasters is usually twice the loss on insured assets.

By comparison, the most devastating bush fire to date broke out in the state of Victoria in 2009, costing $ 3 billion. West pac notes that the economic loss was 1 per cent at the time, but the federal states of Victoria and New South Wales are particularly sensitive areas because there are plenty of fruit and vegetable growers and cattle farms there, and the area has significant fishing, timber and wine production. And last but not least, tourism in the two states is significant. Visit to know more about situation

So much has been burned by the performance of Australian tourism so far:

One of the biggest losses is certainly in Australian tourism. By the Christmas period, the sector had already posted $ 675 million, much of which comes from canceled hotel reservations and cancellations of tourism services. Some travel destinations had a 100 percent cancellation rate and are not yet present for tourists wishing to return.

Moreover, it is noteworthy that bookings also fell by 60 per cent in areas not affected by the fire. Media coverage, some of which portrays the whole of Australia as a flaming continent, will certainly play a role in this.

Damage to telecommunications facilities, energy supplies, roads and bridges, and other infrastructure has not yet been estimated, but it is certainly in the millions of dollars, as is the damage suffered by small businesses. It’s not just about the loss of burned tangible assets: one of Moody’s economists, Katrina Ell, says air pollution, which has hit a third of the population, is reducing worker productivity, increasing health spending and reducing agricultural yields.

Can Australian tourism be revived?

It is not yet known when the sector will find itself. Australian Prime Minister Scott Morrison recently announced, according to the World Economy, that his government has put together a package of A $ 76 million (15 billion forints) to revive tourism, which has plummeted due to bush fires.

Morrison wrote in his statement that Australian tourism is facing the biggest challenge since time immemorial.