CR impact, page-120

I guess you are assuming no international borders will be reopened within these 3 months (along with other things)? Pretty fair and safe assumption.

Keep in mind flights are going to be very expensive for the short to medium term, as will accommodation. Any cut WEB gets will be more substantial than pre-COVID times, based on %. For sure, no where as much volume, but expensive flights / accommodation will be positive for WEB.

My point being is that if travel (and accommodation) increases - even if it's marginal and minor - it will help offset any drop towards the CR price. Also keep in mind that the majority of the world couldn't give a crap about COVID-19 (in terms of anxiety / worry), so it won't stop them travelling once borders are open.

You're right though - it's early days. But so far it's holding pretty damn well compared to what most people would have been quietly thinking....