Instructions: Generate an appropriate single-sentence summary for the given text such that it includes the main topic of the text.
Input: On Monday, the Manx government announced the 2021 TT Festival would not go ahead due to the ongoing pandemic. It is the second time that Covid-19 has halted the event which is worth nearly £40m a year to the island's economy. Hotelier Michael George said cancelling the festival had "blown a hole" in hopes the tourism sector might recover. This year's TT event was also scrapped at the start of the pandemic to protect "critical care services". In 2019, more than 46,000 people travelled to the island for the TT, spending £37.5m over the two weeks, a government survey found. Guesthouse owner Gillian Salmon said next year's TT had been a "beacon of hope" that had been "quashed" by the announcement. Hosting the event, which was due to take place from 29 May to 12 June, would have been a "signal to the world that we are open for business", she added. Mr George said the decision to cancel the 2021 event was "devastating news" which had "blown a bit of a hole" into hopes that the tourism sector could start returning to normal. Pub landlord Rob McAleer said losing the TT was a "disaster" but "if we go back into a lockdown then we would be harder hit than those two weeks". Three support schemes for tourism businesses have been extended by a month to 30 April. Government-backed loans have also been made available to help firms cope with the financial burden of refunding deposits. The Manx border has been closed to most non-residents since March.
Output:
Losing the Isle of Man TT is "a massive nail in the coffin" for the island's tourism industry, businesses have said.