LONDON â ???? European travel stocks soared on Tuesday morning as customers rushed to make new reservations after the UK announced its four-step plan to end coronavirus restrictions

Shares of Tui, the German travel group, rose almost 7% in the early hours of trading in Europe International Airlines Group, owner of British Airways and Iberia, also climbed more than 6% and German airline Lufthansa shares jumped more than 4%

The industry has been hit hard by coronavirus restrictions, with people urged not to travel overseas and faced with strict quarantine policies if they do

However, on Monday afternoon UK Prime Minister Boris Johnson unveiled his four-step plan to lift all social restrictions by June 21, which has resulted in an increase in new bookings

EasyJet said on Monday evening it saw a 337% increase in UK flight bookings and a 630% increase in holiday bookings following government announcement Tui also said bookings jumped 500% overnight

Johan Lundgren, CEO of easyJet, said in a statement: “We have constantly seen that there is pent-up demand for travel and this surge in bookings shows that this signal from the government that it plans to reopen travel was what the UK consumers were waiting “

Andrew Flintham, Managing Director of TUI UK & Ireland, said in an email that the Prime Minister’s announcement “was positive and shows that by working with the travel industry on a framework based on risks, our customers will have the opportunity to travel abroad this summer “

UK lifts coronavirus restrictions in four steps from March 8 with schools reopening, but the whole process will depend on how the epidemiological situation evolves

The government also said it was reviewing restrictions on international leisure travel and would announce the changes on April 12

“We know that there are clients who want to travel, there is a huge desire to be out there and see the world and that repressed will come back, it’s only a matter of time “Keith Barr, CEO of IHG Hotels & Resorts told CNBC’s Squawk Box Europe on Tuesday

“Am I going to make the day trip from London to New York for a three hour meeting? Probably not, so there will be some impact on business travel,” Barr said when asked him how the industry is likely to change in the post-Covid world, but added that “but the vast majority of the field is going through this (crisis)”

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Source: https://www.cnbc.com/2021/02/23/tui-iag-lufthansa-shares-rise-after-uk-johnson-plan-to-end-lockdown.html