The cancellation of the carnival and fancy dress season this year is hitting the hospitality industry the hardest. This was the result of a study by the Institute of the German Economy (IW). The experts put the economic damage caused by the cancellation of the 5th season at around 1.5 billion euros across Germany.
660 million euros were lost by the gastronomy sector alone, according to the IW research - the highest amount in comparison to the other sectors considered. The survey included the carnival strongholds Cologne, Düsseldorf and Mainz. For the hotel industry, the IW study comes to a shortfall of 160 million euros.