eric larson joining us on that. europe's reopening is stalling as new outbreaks have countries closing restrictions and downs. what it means for travel stocks, next. this is bloomberg. ♪ alix: this is bloomberg markets. i'm amanda lange, with alix steel. as we have been reporting, the surge of coronavirus cases has sent austria back into lockdown. germany, debating a similar move. the rise in cases is sparking anxiety. what will it do to travel? adam sachs is the founder of travel economics. great to have you with us. we have to keep this in the context of what has been a reasonably healthy rebound. people were willing -- were willing to travel again, even in the face of continued cases. it is your expectation about what the situation in europe might do to that data? adam: it is a setback, but i don't think it is a significant one. what we have seen increasingly is that travelers are more and more resilient. of course, a big part of that is vaccinations and the confidence that has produced among travelers. i don't s