Cancelation of Germany's carnival will result in $1.8 billion loss nationwide, economic institute says
Cancelation of Germany's carnival will result in $1.8 billion loss nationwide, economic institute says From CNN's Nadine Schmidt and Claudia Otto The cancelation of Germany’s popular annual carnival celebrations, which involve stage events, stalls and parades, will lead to a nationwide loss of 1.5 billion euro ( $1.8 billion), according to the Cologne-based German Economic Institute (IW). Retailers and hotels will suffer the greatest economic losses, according to IW. It estimates about 330 million euro ($400 million) will be lost in the retail sector, the bulk of it from lost revenue in ...