![]() The hospitality industry which relies on tourism, events and eating meals away from the home is one of the most hard-hit during pandemics. A point of optimism is offered from historical data that shows economic markets rebound quickly from health scares, as seen with the S&P growing 14.59% following SARS and 5.34% after Ebola ( Everett, 2020). It is estimated that the global economic loss of the SARS outbreak in Asia represented $40 billion in 2003 ( Lee and McKibbin, 2004). In addition, pandemics can cause behavioral changes such as fear induced aversion to public gathering places or places of work which are a primary cause of the negative impact to economic growth during and after an outbreak ( Madhav et al., 2017). An economic shock to one country quickly spreads to others due to financial linkages and increased trade associated with globalization ( Lee and McKibbin, 2004). Pandemics can cause economic damage in multiple ways such as short-term fiscal shocks and longer-term negative impacts to economic growth ( Madhav et al., 2017). A pandemic is described as a new disease that emerges and spreads around the world, and to which most people do not have immunity ( WHO, 2010). None of which have simultaneously upended numerous industries, caused massive layoffs and closures like the most recent COVID-19 pandemic. ![]() In the past 20 years, the United States has been faced with a multitude of crisis situations ranging from terrorist attacks to natural disasters and viral epidemics. The full terms of this licence may be seen at Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Published in International Hospitality Review.
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