The cruise industry has proven its resilience throughout its more than 50-year history—as is evident in the responsible return to operations that began in July 2020. In the baseline forecast, passenger volume is expected to recover and surpass 2019 levels by the end of 2023. In the upside forecast, passenger volume is expected to recover to 101% of 2019 levels a year earlier, by the end of 2022. In all three scenarios, passenger volume is projected to recover in excess of 12% above 2019 levels by the end of 2026.