UPDATE 1-Iran crisis does not yet warrant emergency measures for tourism sector, EU says

The ​EU is set to tell airlines the impact from the Iran war on tourism ‌is not yet severe enough to warrant emergency measures like waiving carriers' obligations to pay compensation for cancelled flights, draft EU guidelines seen by ‌Reuters showed.

The ​EU is set to tell airlines the impact from the Iran war on tourism ‌is not yet severe enough to warrant emergency measures like waiving carriers' obligations to pay compensation for cancelled flights, draft EU guidelines seen by ‌Reuters showed. European airlines have largely ridden out the crisis ‌so far, with hedges cushioning costs even as jet fuel prices have risen nearly 84% since the U.S.-Israeli war with Iran began on February 28. Carriers have ⁠warned, ​however, that ⁠supply shortages could emerge within weeks.

"The current situation does not point to the need ⁠for dedicated measures for the tourism sector, unlike during the COVID-19 crisis," the ​draft guidelines for the industry and passengers said. "At this stage, ⁠available data indicate that overall impacts on tourism remain limited, with demand remaining ⁠broadly resilient," ​it added.

No jet fuel shortages have been reported in the European Union. Europe relies on imports for about 75% ⁠of its jet fuel, mainly from the Middle East, more than for ⁠any other ⁠transport fuel. A European Commission spokesperson declined to comment on the document, which could still change before publication on Friday.