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KEY POINTS The U.S. travel and tourism industry could lose at least $24 billion in foreign spending this year because of the rapidly spreading coronavirus, according to data produced by Tourism Economics and first seen by CNBC.

That would be equivalent to about seven times more than the industry lost during the SARS outbreak in 2003, according to the data.

The figures also imply 8.2 million lost visitors in one year, which would be even more than the 7.7 million international travelers lost in 2001 and 2002, after the 9/11 terrorist attacks.

People walk through a sparse international departure terminal at John F. Kennedy Airport as concern over the coronavirus grows on March 7, 2020 in New York City. Spencer Platt | Getty Images

The U.S. travel and tourism industry could lose at least $24 billion in foreign spending this year because of the rapidly spreading coronavirus, according to data produced by Tourism Economics and first seen by CNBC. That would be equivalent to about seven times more than the industry lost during the SARS outbreak in 2003, according to the data. Tourism Economics, which tracks all travel spending – including on hotels, restaurants, theme parks and attractions – based its projections on the assumption that the coronavirus would be contained in six months. Foreigners typically spend around $256 billion on U.S. travel and tourism a year. The World Health Organization officially dubbed the novel coronavirus, called COVID-19, a global pandemic on Wednesday. There have been more than 124,000 infections worldwide, and at least 4,589 deaths.

China, which is the epicenter of the outbreak, represents 7% of foreign travel spending in the U.S., up from 1% in 2002. Amid mounting travel restrictions and growing fear of COVID-19, Tourism Economics is forecasting a 10% drop in international visits to the U.S a year, about double the decline the U.S. faced during the outbreak of severe acute respiratory syndrome, or SARS, in 2003. This implies 8.2 million lost visitors in one year, even more than the 7.7 million international travelers lost in 2001 and 2002, after the 9/11 terrorist attacks. In all, it anticipates 825,000 jobs could be lost in the industry, which also includes many small businesses. "As it's become a true pandemic, it's affecting level of travel: travel advisories, companies canceling travel, and traveler behavior, " said Adam Sacks, president of Tourism Economics. "There is a deep risk aversion when a trip is a voluntary activity. Even if a flight exists and borders are open." Globally, Tourism Economics expects travel to fall 9.1% this year, the largest drop ever in the past 40 years its tracked. "This situation is truly unprecedented," said Sacks. The U.S. Travel Association, which represents roughly 150 travel-related organizations has sought to calm nerves. It has urged "fact-based decisions" around traveling, stressing that "for the overwhelming majority, it's OK to live, work, play and travel in the U.S." But that hasn't been enough to stave off travel restrictions, canceled conferences and general anxiety. Shares of MGM Resorts International closed down 10%, Marriott International down 8.9% and Expedia was down 10.8%.

Keeping the lights on