The pandemic cost $320bn (£248bn) to the global tourism industry in lost revenue between January and May, according to the UN World Tourism Organization (UNWTO), reports BBC.
In a report, the organisation said this loss was three times greater than that of the global financial crisis of 2009".
Tourist numbers also fell by 300 million during the period - a 56% drop from the same time last year - as lockdown measures brought a stop to international travel.
“This latest data makes clear the importance of restarting tourism as soon as it is safe to do so," said UNWTO Secretary-General Zurab Pololikashvili. "The dramatic fall in international tourism places many millions of livelihoods at risk, including in developing countries."