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(NewsNation) — Kudos to the Austrian police for foiling the terrorist plot to wreak murder and mayhem during Taylor Swift’s planned concerts in Vienna this week.
And props to Taylor Swift for canceling her shows to ensure fans’ safety.
But the teen terror suspects, both allegedly radicalized by ISIS, have already caused major financial damage in the form of economic terrorism.
Taylor Swift’s impact on economies, or Swiftonomics
As the three concerts were canceled, the city will now no longer reap the financial benefits of Swift – a phenomenon known as “Swiftonomics.”
With 65,000 tickets sold, and another 30,000 people planning to hang out outside the arena, Vienna is looking at losing hundreds of millions from the canceled concerts.
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Fans of US singer Taylor Swift – swifties – exchange their beaded bracelets near the Swiftie Tree in Cornelius Strasse street in Vienna, Austria, on August 8, 2024. A 19-year-old Islamic State sympathiser planned a suicide attack at a Taylor Swift concert in Vienna designed to kill many people, the country’s intelligence agency said. Austrian authorities detained two suspects for allegedly plotting to attack this week’s Vienna concerts by the US star, which organisers cancelled at the last minute. (Photo by Alex HALADA / AFP) (Photo by ALEX HALADA/AFP via Getty Images) -
A fan of US singer Taylor Swift – a swiftie – presents her beaded bracelets near the Swiftie Tree in Cornelius Strasse street in Vienna, Austria, on August 8, 2024. A 19-year-old Islamic State sympathiser planned a suicide attack at a Taylor Swift concert in Vienna designed to kill many people, the country’s intelligence agency said. Austrian authorities detained two suspects for allegedly plotting to attack this week’s Vienna concerts by the US star, which organisers cancelled at the last minute. (Photo by Alex HALADA / AFP) (Photo by ALEX HALADA/AFP via Getty Images) -
Fans of US singer Taylor Swift – swifties – gather in Vienna, Austria, on August 8, 2024, after concerts of the star were cancelled at the last minute. Austrian authorities detained two suspects for allegedly plotting to attack Taylor Switft’s Vienna concerts. A 19-year-old IS sympathiser was planning a suicide attack designed to kill many people, the intelligence agency said. (Photo by ROLAND SCHLAGER / APA / AFP) / Austria OUT (Photo by ROLAND SCHLAGER/APA/AFP via Getty Images)
Swiftonomeics is so sought after, the singer is wooed by foreign and local governments to perform. Chile and Budapest have both begged for the Eras Tour so they could reap the benefits.
The effect is also prized in the U.S. According to the US Travel Association, the Eras Tour had a major impact on America’s economy. The association noted:
- Pittsburgh’s two concerts generated $46 million in direct spending, with 83% of those attending the concerts coming from outside Alleghany County. Hotel occupancy –– the highest weekend occupancy post-pandemic and the second highest weekend occupancy on record –– averaged at 95% and pushed average daily room rates (ADR) to $309, a 106% increase.
- Los Angeles — which hosted six shows that marked the end of the first part of the tour — benefited from a total economic impact of $320 million, with 3,300 jobs created, $20 million in sales and local sales tax and another $9 million in hotel room taxes.
- Denver’s two concerts resulted in visitor spending contributing an estimated $140 million to the state’s GDP.
- Cincinnati’s impact was estimated at $48 million, of which $20 million was from out-of-town guests.
Vienna reels from foiled terror plot at Taylor Swift concert
According to the AP: “Officials told reporters that the 19-year-old Austrian suspect began working on his attack plans in July, and just a few weeks ago uploaded to the internet an oath of allegiance to the current leader of the Islamic State group militia. He planned to use knives or homemade explosives to carry out the attack outside the stadium.” A fifteen-year-old was also arrested and Austrian police are still looking for more suspects.
Hopefully the concerts can be rescheduled safely and Vienna can reap the Swift benefits.