European Banks Refusing Loans To Ski Resorts Below 1,500 Meters As Snowless Ski Season Continues

[hatrack]

Ski resorts across the European Alps are becoming increasingly worried as current bad snow conditions threaten the all important Christmas holiday period. This autumn has been one of the worst on record with high temperatures and little snowfall. Many resorts have had to postpone their openings and the main ski races have been cancelled because of a lack of snow.

With millions of skiers heading to the resorts over the next week there are concerns that the open runs will be very busy and people could be put off from booking again at Christmas and the New Year, costing the multi-million pound industry heavily in lost revenue, and threatening jobs.

EDIT

The Organisation for Economic Co-operation and Development warned that many low-level resorts could soon be unviable and predicted warmer temperatures in the future.

Already banks are refusing to offer loans to resorts under 1,500 metres as they fear for their future snow cover. Germany is threatened the most, followed by some Austrian and Italian resorts.

EDIT

http://news.bbc.co.uk/2/hi/europe/6185345.stm

[havocmom]

1. Hard for corporatists to maintain that global warming is a myth

when they start going public with their own policy changes to deal with it.