BELGIUM | OLIVIER DUGARDYN AND CARLA GHISLAIN 85 book a new trip. Every effort is therefore made to ensure that the traveller is not left helpless in the face of the insolvency of the organiser that issued the voucher. The Belgian government felt the need to authorise vouchers not only because this was initially encouraged by the Commission, but particularly because of the exceptional situation facing travel organisers. The health circumstances, if it needs to be recalled, are quite exceptional and are hitting the global economy and particularly the travel sector which is experiencing an unprecedented crisis. In June 2020, the OECD stated that “COVID-19 will lead to a 60% decline in international tourism by 2020. This decline could even reach 80% if the recovery only takes place in December”. In the same period, the International Air Transport Association (IATA) announced that the health crisis will cost at least 132 billion euros in cumulative losses over the years 2020 and 2021. According to IATA, “the COVID-19 crisis has threatened the survival of the airline industry. The history books will remember 2020 as the worst financial year for the sector”. One year on from these statements, an UNCTAD report published on 30 June 20218 estimated that the year 2020 would have resulted in a loss of 2.4 trillion dollars. According to the report, the collapse of international tourism due to the Coronavirus pandemic could result in a loss of over 4 trillion dollars to global GDP over the years 2020 and 2021. These figures provide stark evidence that the travel sector is currently going through a period of untold suffering that requires support from governments. In Belgium, such support has been provided in particular through the Ministerial ruling of 19 March 2020, which offers the possibility of a deferred refund, thus attempting to reconcile the interests of travellers, who retain their right to a refund, and those of organisers, whose cash flow has been heavily impacted by the health crisis. 5.3. The “Corona Voucher Bank” Despite the slight relief provided by the issuance of these vouchers to organisers, the reimbursements now hang over the travel industry like a sword of Damocles. Today, it is estimated that Corona vouchers amounting to about 135 million euros are still in circulation in Belgium (against almost 300 million euros initially issued). In order to enable package organisers to properly reimburse the vouchers still in circulation, the Belgian government decided to provide a state loan of 210 million euros for the reimbursement of vouchers that have not yet been reimbursed or used by the traveller. The loan is subject to several conditions, among which: 8 Source: https://unctad.org/system/files/official-document/ditcinf2021d3_en_0.pdf
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