Sri Lanka’s booming tourism industry and its markets are likely to take an initial beating from Sunday’s devastating tsunami, which killed an estimated 11,500 and left more than a million homeless in the island nation of 19 million. Sri Lanka’s booming tourism industry and its markets are likely to take an initial beating from Sunday’s devastating tsunami, which killed an estimated 11,500 and left more than a million homeless in the island nation of 19 million. However, given the limited damage to property, leisure stocks may quickly recover while the island will be back on the tourism map in a few months, say analysts and officials.
The damaged properties can be quickly repaired, and “the industry should be back up in 3-6 months or sooner,” said Udaya Nanayakkara, the chairman of the Sri Lanka Tourist Board.
The killer waves, triggered by a 9.0-magnitude earthquake off Indonesia, the world’s strongest in 40 years, lashed Sri Lanka’s eastern and southern coastal areas, both popular tourist destinations.
The equities market was shut Monday while rescue operations are still on to look for survivors. Some 10 helicopters and 25,000 soldiers have been deployed to deliver aid and deter looting in affected areas. H