The Global Business Travel Association has estimated the coronavirus outbreak could cost the industry almost $47 billion a month.
The organization, which last week held a lightning poll of members, says the figure amounts to 37% of the industry’s total forecast spend for 2020.
In the survey, two thirds of member companies have cancelled a “few” meetings or events while 18% say they have cancelled “many” and 25% have cancelled “some.”
Of companies who have canceled or suspended business travel because of COVID-19, 54% say they are uncertain about when travel might resume.
The survey shows that 31% expect travel to resume in the next three months while 14% expect the delays could last up to six months.
As a result a quarter of GBTA supplier companies have reported that the virus has had a “significant” affect and 31% says a “moderate” affect on their revenues.
Many GBTA members are changing their travel policies because of the virus with the survey showing that 43% have introduced new trip approval policies while 51% say travel safety and security features have been modified.