Martin Alcock, director of the Travel Trade Consultancy, told TTG many stakeholders have “lost serious amounts of money” in the wake of the failure.

“Until now, we’ve heard a lot about employees and customers, but so many other stakeholders have lost serious amounts of money – whether they be other operators, agents, hoteliers, lenders, insurers, merchant acquirers, regulators or landlords,” said Alcock.

“There will undoubtedly be a ripple effect: more failures, an increase in the price of bonds and other insurance products, and more onerous credit card acquiring terms.

“When the dust settles, I think we’ll be looking at a radically different sector.”

Alan Bowen, legal advisor to the Association of Atol Companies, said it would most likely be smaller online agencies packaging Cook flights hardest hit.

“They have been happily putting together flights and accommodation for years,” he said. “Now flight-plus bookings have become packages, I suspect there will be a domino effect.”

Gary Lewis, chief executive of The Travel Network Group, added suppliers were also suffering.

“Thomas Cook was a huge tour operator and a huge retailer, so it impacts two sides of the industry in the way Monarch’s collapse didn’t," said, adding: “The exposure was far greater than it should have been.”

Bowen added travel had to “come together” to reassure customers. “Cook was the best-known name in travel.

“The danger is that people will think that if Thomas Cook can go bust, anyone can go bust.

"We have to ensure any damage to consumer confidence doesn’t affect other companies.”