Gregor Kadanka from the Association of Travel Agencies in WKO explains that FTI’s insolvency administrator must make a decision soon regarding booked trips. Customers may have the option to continue their trips or withdraw from the travel contract. Efforts are being made to accommodate customers by rebooking trips so they can still proceed with their plans. Andrea Hansal from the Austrian Tourist Office confirms that they are in contact with customers who have FTI bookings to provide them with alternative options.
Despite the inconvenience caused by FTI’s bankruptcy, the travel industry sees an opportunity for growth. TUI, a market leader, plans to capitalize on the situation by collecting available hotels and flights to create new travel packages for customers. Smaller tour operators like Christophorus Travel are also finding opportunities for growth by providing specialized services to customers. The bankruptcy of FTI highlights the importance of protecting customer funds in the travel industry and may lead to shifts in the market share among providers.
However, some FTI customers have encountered issues with hotels asking them to pay for their stay again, which is particularly challenging outside the EU where enforcement of protection mechanisms can be more difficult. The process of returning deposits to FTI customers is also complicated due to the need for approval before refunds can be issued. Customers are advised to proceed carefully and document all interactions to facilitate claims to be made to the travel insurance fund.
Smaller operators such as Rhomberg Journey are positioned to attract customers looking for personalized travel experiences and reliable customer service. The reallocation of resources and customers in the wake of FTI’s bankruptcy presents both challenges and opportunities for the travel industry
