The head of the Korea Logistics Forum is estimating that South Korea suffered one-point-eight trillion won in losses following the suspension of tours to North Korea’s Mount Geumgang.

Kim Young-yoon issued the assessment on Wednesday during a lecture organized by the Headquarters of National Unification Movement of Young Korean Academy.

Kim said the figure includes South Korean tour operator Hyundai Asan’s investments in facilities as well as investments made by other firms.

Kim predicted that tangible and intangible economic losses resulting from the suspended tours will appear soon.

He said that it is highly unlikely that the tours to the mountain resort will resume in the near future, as the North has begun seizing South Korean properties in the area.