"The absence of tourists from Russia and the United Kingdom is costing us $300 million a month. Now the second month like this is coming to an end. The figures show what a serious blow the plane crash has dealt to the Egyptian tourism industry and to our economy in general," the minister said in an interview with the Russian daily Kommersant.
In November, Adviser to the Egyptian Minister of Tourism Mohamed Yousef said that the loss of Russian and UK tourists would deprive Egypt of 70 percent of its tourist traffic. Tourism constitutes over 11 percent of the country’s GDP and accounts for 14 percent of its total foreign currency earnings.
On October 31, a Russian Airbus A321 crashed in Egypt’s Sinai Peninsula while en route from the Egyptian resort city of Sharm el-Sheikh to St. Petersburg, killing all 224 people on board. The Islamic State (IS, or Daesh in Arabic) terrorist group, which is outlawed in Russia and many other countries, claimed responsibility for the crash.