A detailed survey of more than 1,000 businesses has revealed the full impact of Covid-19 on the South West tourist economy showing that in 2020 the sector lost an eye-watering £3.7billion.
Nearly 80% of businesses now believe they cannot survive beyond the end of this summer without financial support. Many say they may not survive after March 31 when furlough payments to 166,000 people are due to finish.
The South West Tourism Covid 19 Impact Survey asked if businesses will be able to survive without financial support beyond Summer 2021 and only 16% of Cornwall businesses and 18% of Devon businesses currently anticipate they will survive beyond September 2021.
Alistair Handyside, South West Tourism Alliance chairman, said: "It has been catastrophically devastating. We have already lost a lot. If we go much beyond the end of March we are going to hit another cliff - because on March 31 furlough ends and the VAT and rates holiday ends.
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"What happens on April 1? It will be a triple whammy. There are 166,000 people on furlough in the South West and most of those are in the hospitality industry. If furlough is not extended the impact will be disastrous."
Businesses said they are "haemorrhaging money" with Rick Turner, owner of Bideford visitor attraction The Big Sheep, revealing t he has just paid £50,000 for compulsory annual health-and-safety checks on roller coasters and rides that were only used for 9% of last year.
And a South West coach holiday operator is paying £16,000 a week to a bank for outstanding loans on a fleet of almost new £40,000 coaches.
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Sally Everton, director of Visit Devon, said: "Covid is having a catastrophic effect on business. I speak every day to my very, very worried members and at the moment businesses cannot see the way out.
"We have just carried out a very detailed Covid impact survey of the South West and it's revealed some pretty eye-watering details.
"Some businesses say they won't survive beyond March 31 and others say that without adequate support they cannot survive beyond summer 2021. These are the real, hard facts."
Ms Everton added: "We are not just talking about money - it's the impact on people's mental health. Some poor people are not sleeping because they can't see a way out.
"I walk on a tightrope because I know that businesses cannot survive like this in the longer term. We are a honeypot destination and I still believe 2021 will be the year of the staycation, because of the travel restrictions which Matt Hancock announced.
"The next announcement will be February 22. The next holiday after half-term is Easter, which can account for 20% of annual income in the holiday industry.
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Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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"I would love to see the tourism sector open on Maunday Thursday, April 1. A good Easter gives a kick start and to lose Easter will be tenfold worse that losing this half-term.
"But I'm not that optimistic if I'm brutally honest. The vaccine roll-out is boosting confidence and realistically I think we are now looking at May and the Whitsun half-term holiday."
She added: "It's now impossible to find a self-catering house or luxury lodge in Devon this year. But it's different for the three- and four-star hotels, B&Bs and campsites - people are still incredibly nervous and they are leaving it later to book."
She revealed that one South West coach tour operator has to pay a HP bill of £16,000 a week on coaches which each cost £30,000 to £40,000 and are all only a few years old.
She said: "Some businesses are falling through the cracks. In the first lockdown they qualified for a HP holiday but the banks are now saying they have to pay. I am speaking to people who are ready to throw the towel in."
Mr Turner, of The Big Sheep, said: "We had hoped at Christmas that we would be up and running for this half-term. It is disappointing. As a farm attraction lambing has begun and the piglets are due and we don't have the visitors here to see them.
"Businesses still have massive costs - I have just had to pay £50,000 for the annual health-and-safety ride inspections - for the roller coaster and other rides. Even though they were only used for 9% of last year, health-and-safety still insisted they had to be done.
"We have been haemorrhaging money - I'm amazed we have survived and it's hats off to the Government for helping us out. It has been really, really challenging. We have massively reduced our overheads but now we are not sure when we start recruiting again. It's the uncertainty that is incredibly stressful.
"Easter is critical for us - it will cost us £300,000 not to open at Easter. It will be devastating if we don't open. We have 10 weeks of the year to make most of our money - last year we lost Easter and Whitsun, as well as most of the early season and all of our Christmas trade - and now again we have lost half-term.
"We need to start looking at how, as a farm park, we can start offering safe outdoor experiences with the rides and the animals. Last summer we found local people were incredibly sensible - they didn't want to spread the virus. Now the challenge is going to be these new variants and the changing guidelines.
"If we survive domestic tourism is in an incredibly strong position - people now realise they don't need to travel abroad. We have the most stunning scenery right here and British food has changed so much in the last 30 years. It's now unbelievably good quality local produce."