dollars annually to the GDP worldwide over the recent years. The global tourism industry had contributed between five to ten billion U.S. 2020, 2021, and 2022 revenues were estimated to be nearly completely generated by domestic tourism, as strict travel restrictions led to a halt in inbound tourism since February 2020. In 2022, the revenue from tourism in China amounted to roughly two trillion yuan. To balance the diminished domestic production the European market relies on Since then, natural gas production in the Netherlands has been in a trend of continuous decline, reaching a record low in 2021, at 18 billion cubic meters. Therefore, the Groningen field has drastically reduced its production output. In 2014, the first earthquake related to drilling the field occurred and other seismic activities were also observed. The Groningen gas field is the largest gas field in Europe and the major natural gas source in the Netherlands. Gas production and supply in the Netherlands The jump in gas prices noted in December 2021 came as colder temperatures were sweeping the continent, while also being a reflection of the German government's decision to not approve the operation of the Nord Stream 2 pipeline. As a result EU monthly wholesale electricity prices climbed significantly. Meanwhile lower wind activity in the late summer months reduced wind power generation, which is the third largest power source in the European Union. With Europe slowly climbing out of the pandemic-induced economic low, growing power demand put an additional strain on gas suppliers. This directly affected electricity prices as gas is a major contributor to EU power production, it being the second largest source for electricity generation. Throughout 2021, Russia exported less gas than in previous years with the objective to restock depleted storage volumes at home. Russian gas dependence in Europe is particularly high among Eastern and Central European countries. The energy supply crisis of 2021 and Europe's reliance on Russian gas importsĮuropean gas prices have surged multiple times in the past year with all instances a reflection of concerns over lower supplies from Russia, the main source of gas imports to the continent. The fall in gas prices since September is a reflection of large stockpiles and uncommonly mild weather. In the week between February 28 and March 7, gas prices spiked to 227.2 euros per megawatt hour following the outbreak of the Russia-Ukraine war. Gas prices rose significantly across Europe in the latter half of 2021 as the continent experienced a supply shortage. Dutch TTF is seen as a Europe-wide natural gas price benchmark. Dutch TTF gas futures amounted to 33.93 euros per megawatt hour on Jfor contracts with delivery in August 2023.

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