Geopolitics and cost of living crisis have cost Europe’s largest travel company €60m so far

Holidaymakers are waiting until the last minute to book their trips because of the continuing uncertainty caused by the war in Iran and the cost of living crisis, according to Tui, Europe’s largest travel company, which said the war had cost it €60m (£51m) so far.

In the weeks after the outbreak of war at the end of February, Tui recorded a temporary drop-off in customers wanting to travel to Cyprus or Turkey, in what the company called a “volatile market”.