It is expected to prompt even more pessimism among holiday property investors in Black Sea resorts who are already selling, even at a loss, because of plummeting prices.
Figures for the 2008 season show that the number of visitors to the Black Sea resorts were down by about 4%.
One operator has announced it is planning to keep half its hotel rooms out of circulation next summer as it does not expect much demand.
Albena, which owns the hotels, retail outlets and infrastructure in the Black Sea resort of the same name, is taking the drastic move to avoid operating at a loss.
'When an economic crisis strikes one of the first things to go are vacations. Tourist packages are not going to get cheaper,' said Albena executive director Krassimir Stanev.
'Airlines are already cutting the number of flights and this will have a serious effect on the tourism industry in Bulgaria,' he added.
The only hope is that some holidaymakers might switch from more expensive destinations to budget breaks in Bulgaria. He said a final decision will be taken in April based on forward bookings but the company is not optimistic.
'It is possible that Bulgaria might end up profiting from the economic crisis as budget travellers turn to cheaper destinations,' said the company's investor's relations director Yovka Strashilova.
But the company is already expecting its 2008 profits to be down by about 20% and there will be no new investment in 2009 due to the global economic downturn, she added.