Obviously a lot needs clarifying, however based on some experiences from last summer I think the following will be broadly accurate or close.
Green...crack on. Likely at least one test going or coming back, more likely testing at both ends but assuming both are negative then all good.
Red....package holidays will be cancelled to these destinations. Some flight only will possibly still continue, and in that instance a change or voucher from the airline might be the best outcome someone can hope for.
Edit...maybe not, this from the TUI website....I still think when it comes to it that red list holidays are more likely to be cancelled though, as red list could well be against FCDO advice so no tour ops will go against that.
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Amber...because amber is, if believed, isolation at home on return then I think package holidays will still go ahead. If it's also isolation for a prolonged period in resort then it would likely be cancelled, but if it is indeed just home isolation upon return to UK then I doubt the tour ops will outright cancel holidays.
They will likely offer a free change so anyone caught up in amber can at least amend to a later date without penalty but in terms of cancellations and refunds I'm not sure that will happen. Flight only likely to go ahead 'as normal'.
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If above is true or close enough in a round about way, amber is gonna cause us a massive fucking headache in the industry, not least because so many people moved bookings from last summer to this summer in the hope things would be back to normal by then.
Yet again we await further instruction, thanks in no part to Boris who said recently he'd have an update for us today and all we got was the usual waffle.
If we get the same waffle from the travel task force team next week then I'm giving up.