In a time of high inflation, one bucket-list vacation destination is cheaper than it has been in decades.
Travel to many parts of Europe is at bargain levels unseen for 20 years, according to CNN.
The good deals are the result of the slumping euro, which is now valued at almost exactly $1.00, something that hasn’t happened in two decades. Some analysts are even predicting that the euro could eventually dip to a value of 95 cents.
Several factors have contributed to the euro’s decline. They include:
- A poor economy. Many parts of the world are in danger of tipping into recession. But fears are heightened in Europe due to the war in Ukraine and the fact that Russia has cut flows of natural gas to Europe.
- Trade issues. Higher energy prices appear to be hitting European manufacturers hard. A weaker euro helps make European exports more attractive.
- Interest rate concerns. While the U.S. has been raising interest rates, Europe has lagged in that department. That makes the U.S. a more attractive place for investors to put their money.
Earlier this summer, Bloomberg rounded up some popular European vacation staples and compared what they cost now with what they cost in 2019. They included:
- The Acropolis in Athens, Greece: $21 (down from $22.60 in 2019)
- Reindeer steak in Helsinki, Finland: $41.48 (down from $44.07)
- Gondola ride in Venice, Italy: $84 (down from $90.40)