The prices of summer holidays have plunged by as much as half as the pandemic and travel restrictions wreaked havoc on the industry.

Analysis from price comparison site, owned by (LSE:MONY) Group PLC, found that package holidays to Malta were now 52% cheaper than they were in 2019.

READ: easyjet shifts focus to Europe as UK travel recovery stalls

Getaways to Spain meanwhile had dropped 20% while trips to Greece were 11% cheaper and to Portgual 12%, according to a Telegraph report.

Travel restrictions in many countries have massively narrowed the pool of potential tourists, causing demand to slide with the resultant knock-on effect on prices.

Restrictions for UK travellers, in particular, have been increased in recent days, with counties such as Croatia imposing mandatory COVID-19 tests on UK travellers even if they are fully vaccinated.

The issue has also been compounded by the addition of France to the UK government’s ‘amber plus’ list of destinations, which require even double-vaccinated travellers to quarantine on their return to Britain.

There are also fears tourist hotspots such as Spain and Greece could also be placed on the list amid a surge in cases in both countries.

Despite the bleak outlook, shares in notable London-listed package holiday firms were relatively unphased in late afternoon trading on Thursday, with TUI AG (LSE:TUI) flat at 330.5p while Jet2 PLC (AIM:JET2) climbed 3.1% to 1,166p and On The Beach Group PLC rose 4.2% to 307.5p.