Is Japan the New Iceland? Becoming the Hottest Destination in Tourism Can Fuel an Economy, But it’s no Free Lunch
After the financial crisis of 2008, the value of the Icelandic krona tanked, along with the Iceland Stock Exchange. Thousands lost their homes and unemployment skyrocketed. Two years later, the eruption of the Eyjafjallajökull volcano disrupted air travel to Europe and caused more problems for the already struggling country — but it also drew international awareness to Iceland. "Tourism's a quick win for many of these places," said Alan Fyall, the Visit Orlando endowed chair of tourism marketing at the University of Central Florida's Rosen College of Hospitality Management who studies sustainable tourism, said of countries with struggling economies. "Tourism can be a very, very powerful economic and social force for good. There's no question. However, it's like everything — it's how you do it," he said.
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