Boris Johnson's decision to keep the economy open despite concerns over Omicron could be worth £1.1billion to the Christmas markets and winter wonderland industry and more than £10billion to hospitality, it has emerged.
Thousands of Christmas parties up and down the UK are being cancelled amid conflicting advice from ministers over the new variant - a sector of the economy which is thought to be worth around £1billion.
Business leaders and MPs have urged the Prime Minister to get a grip as they warned public confidence has dropped as a result of mixed messages on whether to press ahead with festive plans.
The city that generates the most revenue from the festive markets is Manchester at £306million across six city centre squares, followed by Birmingham where the Frankfurt Christmas Market brings in £187million.
London's Winter Wonderland at Hyde Park is estimated to be worth £119million, followed by Nottingham's Winter Wonderland at £99million and the markets in Newcastle at £92million and Edinburgh at £88million.
Other major UK markets include Sheffield at £47million, Belfast at £44million, Glasgow and Bournemouth both at £34million, Exeter at £20million, Bath at £14million, and York and Winchester both at £12million.
The decision to keep the economy open could be worth £1.1billion to the Christmas markets and winter wonderland industry
The data was previously collected by Where the Trade Buys, a printing firm supplying small businesses who attend markets, to examine the impact of cancellations due the second national lockdown and tiered system.
The research was based on visitor numbers multiplied by £34 per head - which included one sweet snack such as waffles at £5, one savoury snack such as a burger at £7, two alcoholic drinks at £10 and ice skating for £12.
Meanwhile the value of the UK hospitality industry at Christmas is thought to be more than £10billion, including £5.1billion on food and another £5.1billion on drinks, according to a prior survey conducted at a similar time last year by jobs site Caterer.com.
And the most recent estimate on Christmas parties from Eventbrite found in a 2015 survey of 500 business decision makers in the UK that organisations were set to spend £955million on entertaining staff.
Insurance expert Danny Roberts, a partner at DFA Law in Northampton, told MailOnline that without a change in coronavirus rules it would be 'extremely unlikely' that hospitality businesses could claim for cancelled parties on their insurance.
He said: 'While disruptions caused by the Omicron variant will likely be extremely damaging for those in the hospitality sector, it is extremely unlikely that they will have any recourse against their insurers.
'The widespread concern amongst customers and businesses may see many large functions and other bookings cancelled, with the affected restaurants, bars, hotels and other venues having to rely on their terms and conditions as to what they are entitled to recover from the customer.'
He added that Christmas markets are likely to be the same in the same situation as hospitality businesses - although if cancelled by the local council, the terms and conditions of the booking might cover them for some fees, but probably not for the loss of trade.
Tory Party chairman Oliver Dowden today insisted people should 'keep calm and carry on' with their Christmas plans and parties despite Omicron.
Mr Dowden insisted the Government had been clear in its guidelines - despite a plethora of ministers offering contradictory and confusing advice - and said: 'There's a Conservative Party Christmas party still planned'.
Ministers and Boris Johnson's top scientists have all given different advice this week about whether to hold a Christmas party
He also said that providing Britons abide by mask rules on public transport and in shops, they can kiss anyone they like under the mistletoe.
