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This study examines the time–frequency causal effect of the novel coronavirus (COVID-19) pandemic on the European tourism sector. To do that, we use the wavelet coherence and phase difference framework, which enables us to investigate the causal interplays and business cyclical co-movement between COVID-19 crisis and the European tourism sector at several investment horizons. Our main results are as follows. First, the COVID-19 outbreaks significantly and highly affected the European tourism sector. Second, mid- and long-term causal effects of the recent outbreaks are greater than the effects on the short-term horizon. Third, the transmission channel from COVID-19 crisis to the European tourism sector decreases slowly as wavelet scales increase. Further, our empirical findings afford various policy implications to investors and tourism actors.

The time–frequency causal effect of COVID-19 outbreaks on the tourism sector: evidence from the European zone