Taylor Swift’s Eras Tour is far more than a mere musical extravaganza. It has transcended itself into an economic phenomenon capable of majorly affecting consumption in every corner of the world it has visited so far. While the tour has become a golden goose for concert organizers and investors, grossing over a billion last year, the event insurers are now facing a potential financial storm after three Taylor Swift concerts in Vienna were canceled this week.

According to the latest assessments from a global financial institution, this unexpected cancellation could leave insurers with a sizable hole in their pockets. 

Taylor Swift’s Vienna concerts had to be put on hold after officials in Vienna announced two arrests related to a terror attack plan in the area. The pop star was scheduled to perform at the Ernst Happel Stadium in Austria on Thursday, Friday, and Saturday, in front of 195,000 Swifties. However, now that the shows are canceled, Barracuda Music, the concert organizer, said they would refund all tickets to the concertgoers. This would lead some insurers to cover a hefty amount in the tens of millions of dollars.

“We have no choice but to cancel the three scheduled shows for everyone’s safety,” said Barracuda Music in an Instagram post. However, Marcos Alvarez, managing director of global financial institution ratings at Morningstar DBRS, has given assurances that the insurance losses should be manageable due to the possibility of rescheduling. Nonetheless, while the Vienna shows have been called off, Swifties still have one final European stop to look forward to.

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The Mayor of London, Sadiq Khan, has recently allayed any doubts about Taylor Swift’s last European stop for Eras Tour.

Following the Vienna concerts, Taylor Swift was supposed to take on London, which would be the ultimate curtain call for the European leg of her record-setting Eras Tour. After the Vienna cancellation, many devastated Swifties wondered whether the London show would also be canceled as well. However, in a conversation with the press, London Mayor Sadiq Khan assured that Eras Tour shows at Wembley Stadium will carry on as planned.

Khan also informed that they would be “working closely with police” to ensure that the concerts proceed with the highest level of security and safety. However, despite the London shows being in place, the cancellation of the Vienna shows did not only cost a lot to the insurers but also to many Swifties who had spent a fortune on travel and accommodation in Austria’s expensive capital city.

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What do you think about the canceled Vienna Eras Tour shows? Let us know your thoughts in the comments below!