COVID-19: Travel in Turmoil

In the midst of a crisis like no other, how corporate travel is responding and what to expect next
The business travel industry is taking its biggest blow ever, according to experts. “The slump in travel will cause a $910 billion hit to the US economy alone; that is seven times the impact 9/11 had on the industry,” according to the US Travel Association.

This is devastating news. However it’s important to note that human beings and the systems they function in – whether business or society or the family unit – are basically resilient by nature. In other words, although some business travel organizations are witnessing their revenue streams come to a temporary halt, many are likely to find ways to survive in the short term and even thrive over the long haul.

Others aren’t slowing down at all, and are simply going “deep” within their area of expertise. One such category is among risk mitigation companies such as International SOS, which has provided aeromedical transportation for confirmed COVID-19 infected patients by air ambulance.

Closing the Gaps
One of the most important things COVID-19 is teaching the industry is how to scrutinize gaps in travel risk management procedures and policies. Fortunately, there are plenty of travel industry leaders who are assisting in filling these much-overlooked cracks – and thereby transition to a new “normal.”

Categories: Special ReportManaging Travel ProgramsDuty of Care and Risk Management

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