Like many people I woke early last Friday to discover that despite all the fears and threats from the Remain group, the UK had voted to leave the EU. Two hours later we were in need of a new prime minister and 48 hours later it looks as though the opposition is imploding as well.

But what effects will this decision have on the travel industry and travellers themselves in the short and longer term?

Friday saw the predicted fall in the value of the pound, not the 15% widely expected, (although things may get worse this week) but sufficient for some tour operators, many of whom appear to have assumed we would never say ‘no’ and didn’t buy currency forward, to wish they had reserved the right to surcharge for bookings already in existence. Paying overseas suppliers suddenly became the number one issue for those who need to pay in dollars and hadn’t the foresight to buy forward.

Almost certainly some holidays yet to be sold will have to go up in price and travellers themselves will immediately see that the pound in their pocket is worth less than they expected when they arrive in resort. That may mean some will choose not to travel abroad at all this year, the uncertainty that many used as an excuse for the drop in bookings in the last few weeks, is likely to continue.

Iata has already warned that passenger numbers are likely to fall but by how much may depend on how we can renegotiate rights to fly within Europe and equally outside to the US, Far East and elsewhere. The Single Aviation Market has allowed airlines such as easyJet to expand in Europe with flights that do not touch the UK at all and it possibly has the most to lose. Ryanair is protected by the fact it is registered in Ireland and still therefore an EU airline. For airports, the fallout from Brexit could have serious implications.

Heathrow should probably cancel the order for concrete as Boris Johnson, despite being an MP for a constituency with thousands of workers dependent on the success of Heathrow, has been implacably against any expansion, and unless he commits to a complete u-turn (and as a politician that is entirely possible of course), he will continue to deny any further growth at Heathrow. Gatwick shouldn’t assume that they are now a ‘shoo in’ for a green light, Boris claims green credentials and the local residents will certainly point out the conflict of his Boris bikes in London to reduce pollution and the idea of airport expansion.

Further north, the managers of Newcastle airport can probably rest at night knowing that Scotland, as it looks once again at independence as an alternative to being dragged out of the EU against its will, are now very unlikely to be thinking of cutting any taxes, least of all APD, and Geordies looking for a bargain won’t be jumping on a train or the A1 to fly from Edinburgh. In truth, whether saving £6.50 per person if Scotland cut its APD rates in half on European flights is unlikely to have been a real issue but it made for a good few stories to remind people that Newcastle airport existed.

Incoming operators will be delighted to see that the UK has become cheaper for their customers, Visit Britain could see a boom in overseas visitors in the years to come, although Canterbury last Saturday looked as though it had enough already but for hotels, restaurants and visitor attractions, the news appears to be all good.

Our own customers have enjoyed unrivalled financial and other protections travelling on package holidays for the last 40 years and the existing Package Travel Regulations, although based on EU legislation, is English law and will not be affected by our leaving. The new directive which extends protection to many more customers, but has the possibility of increasing risk, particularly for agents selling component parts, is due to be consulted upon in the UK in the next few months, but I suspect the government may well have more pressing issues to deal with and this may get pushed to one side.

On the other hand, all UK air passengers currently enjoy protection under EU261 against airlines that delay, overbook or cancel flights and this legislation is dependent on us remaining a member of the EU. When we leave, and although we keep hearing about a two-year period, it is clear many in the EU now want rid of us as quickly as possible.

Unless we reach an agreement with the rest of the EU – similar to the EU deal with Norway, for example - UK airlines will no longer be EU airlines and UK passengers stand to lose the substantial compensation payable when departing the UK on a UK-based airline. Suddenly flying Ryanair may give passengers more rights than flying British Airways or Virgin, no wonder BA said it could cope with Brexit.

The next few months have the potential to create new and unexpected issues, the ripples of the Leave vote may still cause a tsunami through the industry - we may need to hold on tight, as it could be a bumpy ride.