Jeju May Face Loss of Trillion Won Amid Coronavirus Crisis
The novel coronavirus crisis can lead to an economic disaster of 1.5 trillion KRW(appx. 1.4 billion US$) loss, a councilor of Jeju Special Self-governing Provincial Council on Thursday claimed, Jejueconomy, a local internet newspaper reported.
Councilor(CLLR) Yang Yeongsik said "Jeju had tourism gross income of 6.5 trillion KRW(appx. 5 billion US$) as it had 15 million tourists last year. According to Jeju's estimation, it may add up to 1.5 trillion KRW loss." after Mr. Kang Youngdon, the director of department of tourism at the provincial office, answered to his inquiry "As many as 3.5 million tourists decreasce is possible if the crisis continues till June." during the meeting on the novel coronavirus and suspending visa-free program.
To avoid the doom, Governor Won Heeryong, this day, declared 'Local Economy Emergency' and announced it will run 'All-islanders Overcoming Crisis Consultative Group' from nect week.
He also promised to support local businesses with special loans(700 billion KRW from upbringing fund for small - medium size industry + 200 billion KRW from special business stabilization fund) and guaranty(100 billion KRW which is the biggest ever). Additional financial supports will also apply.