At least 31 people were killed and more than 200 injured during terrorist attacks on Brussels airport and a metro station on Tuesday. The Islamic State (IS) claimed responsibility for the two attacks which took place on Tuesday. These tragic developments sent ripples throughout Europe and the world at large. Authorities have been forced to reevaluate levels of security at airports and public transport.

Travel, tourism and airline stocks took a hit immediately after these developments. Following indications that these events may be linked to the attacks which occurred in Paris in November, airline, travel and tourism companies may be significantly affected as travel to Europe is likely to fall.

Links to Paris Attacks

According to experts, the blasts were being planned before the arrest of a French citizen last Friday. The individual is believed to have played a major role in the attacks on Paris which took place on Nov 13. Explosives and evidence of his association with the IS were discovered during his arrest. Meanwhile, the IS has claimed responsibility for the attacks on Maelbeek metro station and Zaventem airport.

IS has also issued a warning to those countries which have joined in a coalition against the group and are actively engaged in a conflict against it in Iraq and Syria. Public transport had been suspended following the attacks but normalcy has now begun to return to Belgium’s capital. Despite the resumption of some services, the city’s metro system and airport remain closed for now.

Travel, Airline Stocks Decline

Immediately after these attacks, travel and tourism stocks took a considerable hit. Delta Air Lines, Inc. (DAL – Analyst Report) and American Airlines Group Inc. (AAL –Analyst Report) declined bya minimum of 1.5% on Tuesday. Meanwhile, Marriott International, Inc. (MAR – Analyst Report) and Starwood Hotels & Resorts Worldwide Inc. (HOT – Analyst Report) fell by 1.9% and 0.4%, respectively. Additionally, United Continental Holdings (UAL – Analyst Report) which owns United Airlines experienced a 1% fall in its stock.