00:00Climate change is very much related to cost. Travel and tourism is becoming much more expensive,
00:06and you all have travel this summer, I guess, and you notice it in your pockets, you know,
00:09for what you used to pay that, now you're paying double the price, if not triple the price.
00:14And this is having a huge impact in perception too. Ambassador White was talking about the
00:21Transatlantic Corridor, by the way, the most important travel corridor of the world.
00:25Still, by far, the U.S. is the most important long-haul market for Europe. We have a huge
00:32intra-European tourism. 85% of tourism in Europe is Europeans traveling in Europe. But, you know,
00:38from outside of Europe, we have a lot of Americans still coming, not only veterans, but a lot of,
00:43you know, also Gen Z and Gen Alpha and so on, trying to see the magic of Europe. The problem
00:50with cost
00:51increase in tourism is that it puts a huge scrutiny into the service. We have also the issue of labor.
00:58After the pandemic, a lot of people moved out from the travel and tourism business and never came back.
01:02So we are struggling. In some countries, you have to import labor, like from far away, from Pakistan,
01:10from Nepal. You see in the most iconic places in the Mediterranean, and you are served by someone,
01:16you know, from the Sub-Indian continent. And then you have very high unemployment rates in some places in Europe,
01:24like my own hometown in Andalusia. So there is like a dichotomy there, you know,
01:29how can we not fix the problem internally? And again, governance, I think it's the answer here.
