Trad has forecast a hit to the Queensland economy of up to $1.7 billion and potentially much more if the coronavirus continues into next financial year.

She warned the impact could be greater than the devastation from Cyclone Debbie in 2017, which cost the state about $2 billion from the Budget, and that the state’s employment was likely to be affected as its international education and tourism sectors take the brunt of the slowdown in trade and travel.

The financial impact was highlighted yesterday when Brisbane-based Virgin Australia said it would take a hit of up to $75 million in its second-half profits.

Tigerair is also expected to shut its Brisbane base and cut some routes.

Adding to the sector woes, the three founders of Brisbane-based Flight Centre, Graham “Scroo’’ Turner, Geoff Harris and Bill James have seen more than $380 million wiped from their personal wealth since the start of the year as the company’s shares take a battering.

The three founders control 45 per cent of the Brisbane-based travel company which is heavily exposed to global shocks. Its shares fell by another 2 per cent today in early trade.

The concern over the virus led to another sharp downturn in global markets with the ASX200 down 120 points in early trade this morning and the broad-based US S&P500 down another 3 per cent overnight.

Even finance companies such as Suncorp have been hit. Its shares have fallen by more than $1.50 to $12 since the start of the year.

The Treasurer said the Government’s priority was jobs.

“We will certainly feel the impacts of the coronavirus here in Queensland,’’ Trad told ABC Radio.

“We are an export-exposed state and we know that China has been a big story in our economic success in the past two decades. It is our largest trading partner. With travel bans internally in China and with no flights coming in it is a significant issue for our economy.

“What we have is hundreds of millions of dollars of cancellations around tourism experiences in Cairns and the Gold Coast. It’s having a direct impact on them keeping casual employees engaged in businesses and that’s why we responded with a $27 million package to help them.

“The estimate currently … if it goes between two and six months we will see an impact of between $900 million and up to $1.7 billion. If it goes for much longer and into next year it will be much more significant.

“To give it some form and shape, if you think of Cyclone Debbie and how big that weather system was and how far it traveled, all the way from north Queensland right down to NZ, the flooding that impacted the state … it is going to be much more significant than tropical Cyclone Debbie on the Queensland economy.’’

The Treasurer called on the Federal Government to “step up to the plate’’ to match the $27 million the Queensland Government is spending to help business.