The dramatic drop in European tourism since the September 11th terrorist attacks should be "short-lived", EU Commissioner Mr Erkki Liikanen told a meeting in Brussels.
Britain and Ireland have been hardest hit by the inevitable fall in holiday travel, he said.
EU ministers were considering a Commission report revealing the volume of visitors to the UK and Ireland from America, Japan and the Middle East has dropped by one third.
However, some EU destinations, including Spain and Portugal, have hardly been affected at all.
A general downturn in air travel has been matched by a huge drop in cultural and sight-seeing trips, as well as the widespread cancellation of business conferences and "incentive travel" packages, the report said.
"It is too early to assess the long-term effects of the September 11th terrorist attacks on the sector, but we are confident that the decline in visitors to Europe will be reasonably short-lived," said Mr Liikanen.
The report says EU capitals and major cities are far worse hit than the regions, but the UK and Ireland are feeling the pinch most because of their traditionally high volume of US and Japanese visitors.
"There is very little that can be done to remedy the immediate impact, but the proper long-range response is a sustained collective drive to restore consumer confidence in the economy and in Europe as a safe tourism destination," Mr Liikanen said.
PA