There are fears in the tourism and restaurant industries that many companies in the sector will not survive the winter, according to a member survey by lobby group Finnish Hospitality Association (MaRa).
The organisation has called for the government to offer subsidies to companies in the sector.
According to a survey of employers in the hospitality industry, firms anticipate electricity-related costs to increase by 50-300 percent within the next six months, compared to last year.
Around 15 percent of companies that participated in the survey said they could go bankrupt or will need to cease operations due to rising energy costs over the coming winter and spring.
MaRa also reported that firms in the sector are also plagued by rapid increases in food prices. The survey found that 70 percent of companies estimate wholesale prices of raw materials will be 10-30 percent higher than last year.
In a statement issued on Tuesday, MaRa's CEO, Timo Lappi, said he fears that companies in the industry will not only be hampered by rising costs but also by decreasing demand.
He said that rising interest rates will hit companies that are already in debt following Covid-related restrictions. Additionally, he said the situation will negatively affect the consumer habits of young adults — who often spend money at restaurants — as they face rising interest rates on big mortgages.
A total of 485 hospitality firms responded to MaRa's survey, including operators of ski resorts, hotels, nightclubs, activity services and restaurants.