Brussels, Belgium experienced a horrific terrorist attack yesterday. The terrorist attack was claimed as an act of utmost and egregious violence that was carried out by the Islamic State militants. The Islamic State claimed responsibility for the attacks in one of their trademark videos. The Islamic State has been largely targeting many Western nations and has been successful in over a couple of attacks in the past couple of years. The Islamic State shook up the Belgian major city with a couple of blasts that were carried out at the Brussels international airport and the Metro stations.
With the perpetrators of the violence in hot pursuit by the authorities, the market opened on a very bad note. The European economy is an already struggling economy and has been facing the brunt of various attacks for a while now. In addition to its problems, it has also been battling a chronic problem with its economy. After the near Greek exit from the European Union, the Greeks have been further bailed out by the European super powers, but it has already put additional pressure on the continent and the economy. The additional migrant crisis compounded the situation to make it worse.
On the day of the terrorist bombing, the German and French markets opened at a two percent market loss. The financial markets were rocked by the news and had sustained quite an economic shock. The financial markets did, however, made a recovery by the end of the day and seemed to have opened stronger in the following day of trading. Since the blasts happened at Brussels international airport ,which is one of the highest populated airport, which also happens to be one of the heaviest air traffic airports in Europe, the tourism sector has taken a hard hit and are still suffering a brunt of the attacks.
The bittersweet recovery
Parts of the tourism sector that include air travel, hotels, hospitality sector have fallen in the stock value on the European stock markets. The Dow was reported at 41 percent less value on the opening day of the attacks. The European airlines suffered a day loss by four percent. Airlines such as Lufthansa and Air France-KLM reported a four percent loss while airlines indirectly affected by the tragedy such as American Airlines reported a two percent loss. Over 30 people were killed and several were injured in the attack.