• The World Economic Forum's flagship Davos summit might be cancelled for 2021, according to a report in the Swiss media.
  • Originally, the event was scheduled to take place from January 26-29 but was postponed to "early next summer" because of the Covid-19 pandemic.
  • A WEF spokesperson told swissinfo.ch that the organisation is not "communicating on this topic for the time being, because no decision has yet been made". Further information is expected in the coming weeks.
  • The event's cancellation would cause massive losses to businesses in Davos as it contributes millions of francs annually to the Swiss economy.
  • Visit Business Insider's homepage for more stories.

The World Economic Forum's flagship summit in the Swiss ski resort of Davos might just be cancelled in 2021, according to a report from Swissinfo.ch.

The four-day conference, which brings together politicians, plutocrats, celebrities and activists, was first expected to be delayed from January 2021 to "early next summer" because of safety threats posed by the coronavirus pandemic. 

Now, it seems, the event might not take place at all. 

A cancellation of the event would cause massive losses to businesses in Davos-Klosters as the occasion contributes millions of francs annually to the Swiss economy. Hotel operators and restaurants look forward to the event, as thousands of visitors massively swell their earnings.

A WEF spokesperson told swissinfo.ch that the organization is not "communicating on this topic for the time being, because no decision has yet been made." Further information is expected in the coming weeks.

The conference itself is free for most attendees, according to the BBC. However, anyone there to represent a company is charged 27,000 Swiss francs ($28,000) to attend.

In June, the WEF said it would trim its in-person attendanceto the summit by offering a virtual network environment. Originally, the event was scheduled for January 26-29 with fewer participants, and a virtual link to 400 cities across the world. 

About 3,000 business and political leaders were set to attend Davos in 2020, Reuters reported ahead of this year's January event. Past attendees have included Bill Gates, Prince William, Marc Benioff, and George Soros, according to the BBC. Global pop icon Shakira, actors Forest Whitaker and Matt Damon, JPMorgan Chase CEO Jamie Dimon, and former Alibaba chairman Jack Ma have also previously attended the event, The New York Times reported.

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