Natural disasters are an important deterrent factor for tourism activities from both supply and demand perspectives. This paper studies the short-term effect of a volcano eruption on hotel demand, supply and hospitality labour in La Palma (Spain), an island economy that is highly dependent on the tourism sector. Based on a monthly panel dataset, we employ seemingly unrelated difference-in-differences (SUR-DiD) to identify the distinct responses of these three outcomes both during and post eruption. We are particularly interested in examining the asymmetry in their elasticities to the shock, which serve as indicators of disaster resilience. Potential spillover effects on nearby islands are also examined. We find that the eruption resulted in significant yet asymmetrical drops in international demand, number of hotels opened, and hospitality workers hired. Our findings inform about the resilience of the tourism industry to natural disasters, offering relevant insights about heterogeneous effects depending on exposure to the event.

从供给和需求的角度来看，自然灾害都是旅游活动的重要威慑因素。本文研究了拉帕尔马岛（西班牙）火山喷发对酒店需求、供应和接待劳动力的短期影响，拉帕尔马岛是一个高度依赖旅游业的岛屿经济体。基于每月面板数据集，我们采用看似不相关的双重差分 (SUR-DiD) 来识别这三种结果在喷发期间和喷发后的不同反应。我们特别感兴趣的是检查它们对冲击的弹性的不对称性，这是抗灾能力的指标。还审查了对附近岛屿的潜在溢出效应。我们发现，火山喷发导致国际需求、开业酒店数量和雇用的酒店员工出现显着但不对称的下降。我们的研究结果揭示了旅游业对自然灾害的抵御能力，并提供了有关不同事件暴露程度的异质影响的相关见解。