London - The European tourism sector may be among the first to weather the storm after the sterling fell to a 31-year low amid the Brexit vote.
Statistics show that more than two thirds of British foreign travels are made to European Union (EU) destinations.
Spain, France, Italy and Germany are among the most visited countries.
Italy alone receives about 12 million British tourists every year, with the majority of foreign visitors to the country being British, said Italian tourism association Federturismo.
Hotel and restaurant managers and tourism agencies all strongly believed in a Remain victory.
They were shocked after the final result was revealed. Meanwhile, Spain is expecting a big loss, as roughly one fifth of its visitors are Britons. Tourism agencies in London said they are expecting hard years ahead.
A weakened pound will put Britons at a disadvantage in paying for accommodations and travels out of the country, they said.
Apart from its looming impact on European tourism, the City of London also risks losing its so-called “EU passport” allowing British banks to operate freely with European banks.
Xinhua