Being sensible, airlines buy their currency and fuel in advance to avoid being caught short when the price of either rises.

But even they have been caught out in the past 12 months as the price/value of both has risen way beyond expectations.

So what hope is there for the holidaymaker more used to using a cash machine at Gatwick on the day of departure? Very little. Clearly, this summer will be more expensive than the last for travellers. In fact, more pricey than at any time in the past decade since the euro was introduced. Remember that time, when francs and lira were rounded up to the nearest euro and prices abroad shot up by 20 per cent overnight?

The weakness of sterling against the euro this year will mean the biggest percentage increase since 1998. No wonder holidaymakers are looking at the US this summer, where the pound still buys two dollars.

Other non-euro destinations such as the Channel Islands, Egypt, Morocco and Turkey are making concerted efforts to attract British holidaymakers, with some success. Sales of Turkish lira shot up by 75 per cent in March, compared with the same period last year, according to the Post Office. XL.com, the country’s third-largest travel group, has had a 50 per cent rise in sales to Egypt, compared with an 18 per cent drop to Spain. Martin Lock, its managing director, said: “The past year’s shift in the value of the euro has had a significant impact on how far money will go.”

About four million Britons go on holiday in the eurozone each year. Recent changes in the value of the pound versus the euro are likely to mean that their trips will cost an extra £800,000 in total this year.

But for the two thirds of us still committed to a continental holiday (according to kayak.co.uk), the best bet is to order your cash in Britain if you buy online. Competition is fierce and many providers, including the Post Office and Thomas Cook offer commission-free currency. But many take a greater margin on the exchange rate to recoup the costs, so it is still important to search out the best deal.

Otherwise, your best bet is to economise – not something that many of us are good at on holiday. Still, given the current parlous state of the economy, it will be good practice for the rest of 2008.

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