A slow vaccine rollout and rising number of Covid cases could jeopardise the summer plans of UK holidaymakers hoping to visit hotspots like Spain this summer.
Banking giant Morgan Stanley has claimed the country was "particularly vulnerable" and it was unlikely that tourists would be able to enjoy any sort of break without strict restrictions.
The warning comes after Mediterranean countries said they were planning to welcome UK visitors within weeks and EU governments accelerated plans to introduce a "Digital Green Certificate" Covid passport to kickstart travel plans.
Tourism plans for many other nations are also forecast to be at risk, the bank claimed.
A statement from the bank said "Europe's high cases and slow vaccine drive could lead to a late reopening putting a second summer at risk.
"Europe's high cases and slow vaccine drive could lead to a late reopening, putting a second summer at risk – which would exacerbate the north-south divide and could trigger further policy easing.
"Last year, Europe was able to save some of its summer season with the help of restrictions and seasonal weather dynamics that lowered transmission rates from spring," the bank said.
"But we are somewhat sceptical that this can happen again this year, given the emergence of new strains, which appear to be more transmissible and dangerous, and have driven an acceleration in cases recently in the euro area, e.g. in France and Italy."
It claimed another summer season without mass tourism "would exacerbate the north-south divide" in Europe that many claim sees Germany and France prioritised.
"Spain, which was already one of the worst performers in 2020, looks particularly vulnerable, based on our analysis," the bank's report added.
The statement added that southern European holidays are unlikely to be repeated this year "given the emergence of new strains, which appear to be more transmissible and dangerous".
