The coronavirus crisis has shown how reliant the local economy is on tourism. If tourists don’t come then the local economy is in trouble. For decades the Balearics has prospered thanks to tourism which is now the main source of revenue for the local economy. The traditional industry have all but disappeared and farming, once an important source of cash, is in serious decline. Tourism is King on Majorca and to be honest it is completely unopposed.
There is no other source of revenue. But 2020 will teach the Balearics a hard lesson; for the first time ever tourists are not expected to come to the islands in substantial numbers leaving a black hole in the local economy. Travel experts have differing opinions on whether the industry will ever return to “normal” so the islands could have a mountain to climb. The Balearic government should perhaps trying looking at ways to diversify the local economy so that it is not totally dependent on tourism.
At one stage the local government was actively encouraging high technology industries to establish themselves on the islands because afterall we have the climate and it is a great place to live. Now, is the time for some imagination and drive. Tourism will always be the key industry employing thousands but if the travel industry is going to continue to suffer then some sort of action will have to be taken. The Balearics has everything under the sun...now is the time to look at other industries.