That’s according to the latest findings of the World Travel & Tourism Council (WTTC).
Economic modelling conducted less than two months ago predicted this "worst case scenario" would occur if barriers to global travel, such as quarantine measures and blanket travel restrictions were to remain in place.
While some travel bans have been removed, many others remain, with new restrictions likely to come into force to tackle the continuing threat posed by Covid-19 and possible second spikes.
WTTC said the "confusing patchwork of bans, quarantines and uncoordinated international testing and tracing measures" have deterred many people from travelling at all "with the peak summer 2020 travel season all but being wiped out".
It says travel to Spain was thrown into chaos despite parts of Spain, such as Andalucia, the Balearics and Canaries having a lower Covid-19 infection rate than the UK.
WTTC estimates the UK now looks close to losing a staggering $186 billion from the travel and tourism sector’s contribution to UK GDP, equating to a 73% drop compared with 2019.
Gloria Guevara, WTTC president and chief executive, said: “It’s heartbreaking to see our worst fears for the UK and global travel and tourism sector coming true.
"The jobs and livelihoods of millions of people who work throughout the sector are disappearing by the day, despite our warning this could happen.
“While we acknowledge the UK government’s efforts to support travel and tourism during this crisis, the UK alone looks set to lose three million jobs in the sector, creating an economic black hole of US$186 billion in the country’s finances. This is due to an international failure to implement proper coordination to combat the pandemic.
“However, we still have time to turn this around if we act together now as one and replace ineffective quarantines with comprehensive rapid testing, a worldwide accepted standard of contact tracing and widespread face mask usage.
"Employing the latest technology, combined with mass adoption of protective face coverings, will help restore confidence to the traveller.
“Governments around the world must align their policies and work hand in hand with the private sector to revive Travel & Tourism, so we can restore jobs and help revive the global economy.
“We strongly believe that by working as one we can beat Covid-19 and return to safe travels with world class standards of hygiene to travellers and regenerate the jobs and livelihoods of the 300 million people who worked in the sector before Covid-19. That is a much more cost effective and efficient option which will alleviate the terrible economic impact of mass unemployment.”
The WTTC added the health and safety of travellers and those who work within the sector is always the number one priority, but "there is ample evidence from other countries which suggests only those who test positive should be quarantined".
This would protect public health and save lives, whilst restoring consumer confidence, driving the global economic recovery, and saving the jobs of millions of people whose very livelihoods depend upon a thriving travel and tourism sector.
WTTC had urged governments to follow a four-point plan to avoid the "worst case scenario" it feared could take place.
According to WTTC’s 2020 Economic Impact Report, during 2019 travel and tourism was responsible for one in 10 jobs (330 million in total), making a 10.3% contribution to global GDP and generating one in four of all new jobs.
