Galway business community survey finds 64% would need more than two weeks to reopen

Galway Bay fm newsroom - A survey of Galway's business community has found 64% of businesses feel it would take more than two weeks to reopen.

The study led by Galway Chamber reveals reopening prospects are bleakest for those involved in the tourism or hospitality sector.

Examining closure costs, the analysis finds that for businesses that are closed, typical weekly overheads are in excess of €2,000.

Businesses which need to restock upon reopening estimate the typical restocking amount required is €3,000.

The survey finds that 77% expect revenue to decline by more than 50% in the next 3 months and 63% of businesses have sought to defer payments to creditors.

85% of Galway businesses have closed to some degree with just 14% remaining open.