What is being called the Great Recession was responsible for a marked decline in tourism in Europe. The entire continent experienced a slowdown of seven percent. As you might expect, some countries were hit harder than others. With a 7.4 percent decline in passengers the UK is at the top of the list.

Believe it or not, the UK didn't suffer all that much. Sure, international travel declined a bit, but due to an increase in domestic trips, the numbers weren't abysmal. The same cannot be said for Ireland and Holiday villas in Italy.

Because it relies on tourists from the UK, the Emerald Isle reported huge declines in tourism in 2009. Arrivals from the UK fell off by an incredible 21 percent in the second half of the year. Even after popular hotels and resorts cut their rates to attract tourists, the numbers weren't much better in the first half of 2010.

Will the Irish tourism industry ever recover? Well, ever is a mighty long time. But the truth is that it probably won't get back on its feet anytime soon. Because the industry is so dependent on guests from the UK, it probably won't bounce back until they do.

And the likelihood of an economic recovery in the UK has grown increasingly dim in recent months. All of the available data points to a slow recovery and fewer holidays overseas.