^The hit to their cash reserves and operating line of credit from giving cash refunds to everybody would for sure impact their short-term viability. That has to be what tourism operators, from airlines down to Pat and Wendy’s B & B, are losing sleep over. Many are going to go bankrupt no matter what, as tourism “recalibrates”. Better perhaps to close down with a little money to get a new start, than to keep customers happy who aren’t going to be customers anyway, because there will be no business. The business knows its balance sheet. You don’t.
The company no doubt believes, as Canada’s airlines have explicitly said, that you can better afford the loss of your vacation funds than they can. These are unprecedented times. The financial reckoning is only starting.