Tourism flows are vulnerable to external and internal shocks, including natural disasters, war, economic recessions, financial crises and, of course, terrorist activities (Sönmez, Apostolopoulos and Tarlow, 1999). The September 11th terrorist attacks on New York and Washington had a profound and immediate impact on global travel. It does not need to be recounted here. It is fair to say, however, that international tourism and air-based domestic tourism effectively ceased in the immediate aftermath of the event (“Travel Industry Faces Different Kind of Aftershock,” 2001; WTO, 2001). It is also felt in many quarters that the more important impact was to accelerate the plunge into a global recession, a recession that has been exacerbated by financial scandals and stock market collapses.