Climate change might lead to large shifts in tourist flows, with large economic implications. This article simulates the effect of future climate change by the 2080s on outdoor international tourism expenditure within Europe. The assessment is based on the statistical relationship between bed nights and a climate-related index of human comfort, after accounting for other determinants of bed nights such as income and prices. It is concluded that climate change could have significant impacts on the regional distribution of the physical resources supporting tourism in Europe. For example, in summer, Southern Europe could experience climate conditions that are less favourable to tourism than the current climate, while countries in the North could enjoy better conditions. The economic effects of these changes are likely to be sizeable, albeit difficult to assess. Crucially, they are shown to depend on tourists’ temporal flexibility with respect to holiday planning. The greater the prominence of institutional rigidities such as school holidays, the larger the differences between winning and losing regions in terms of economic impact.