The fall of the pound against the euro has prompted thousands of Britons to rethink their holiday plans.

The cost of going to traditional destinations in the South of France, the Spanish costas and the Greek islands has risen beyond many families’ budgets as they feel the full impact of the credit crisis.

An increasing number of British holidaymakers are looking at cheaper deals in Bulgaria, Turkey, Egypt, Tunisia and Morocco. And many people this summer will simply stay at home.

With the euro worth 78p yesterday, British tourists were finding that their money will go farther in leva, liras, Egyptian pounds, dinar or dirham.

The US dollar has been good value for the past six months and travel companies are predicting further growth in transatlantic travel this summer.

Travel agents have reported a sharp increase in inquiries for holiday packages and flights to the States, thanks to an exchange rate of two dollars to the pound.

A spokesman for Trailfinders, which specialises in long-haul destinations, said: “There is strong interest in Boston and New England and fly-drive holidays starting from San Fransisco, Los Angeles and Florida generally. We are expecting a massive uptake this year because of the exchange rate.”

Travel experts expect those people who arrange their own holidays – booking “no frills” flights and car hire, and finding bargain deals at hotels, villas and apartments on the internet – will soon start finding the novel charms of a cool riad in Agadir or Marrakesh or a swim in the Black Sea.

Devotees of Greece, Corfu and Crete are more likely to go to Turkey, where the food and beaches are similar but the lira goes farther than the euro. Some may decide that it is time to visit Egypt’s ancient attractions.

The holidaymakers in the best position may be those who booked their holidays months ago after last year’s summer washout in Britain. The cost of their holiday has not been affected by the recent currency fluctuations and many will have signed up for half board at hotels.

But Sean Tipton, spokesman for the Association of British Travel Agents, said that people would need more spending money. Unless they bought their euros when they booked their holidays they will find the pound buys 10 to 15 per cent less this year than last. The prices of drinks, meals, car hire and entrance to theme parks have also risen as operators pass on the increased costs for fuel, energy and food.

Mr Tipton said: “But in many cases prices will still be cheaper than at home. In Spain especially it is still very easy to find a menu del dia from €6 to €10 per person for a three-course meal with a half litre of wine. You would find it very difficult to get that at home.”

He said that there were still many holiday deals on offer and that a large number of people would still choose resorts in Spain, France and Greece. Italy had now leapt over Portugal in popularity, he added.

“The reality is that when people make bookings they don’t think of exchange rates. That is one of the lowest priorities. They think of the price they are paying in pounds sterling for their flight and accommodation, and remember prices on offer are those agreed last year.”

However, for some operators it is not all gloom and doom. Noel Josephides, managing director of Sunvil Holidays, which specialises in holidays to Greece, said he sends 20,000 holidaymakers to Greece each year and at present his bookings are up 5 per cent compared with last year.

“The higher exchange rates have only just hit people,” he said. “Things are so moveable. All we need is for some government to make a political comment or a bank in Europe to have a problem and goodness knows what will happen.

“We definitely anticipate an effect in the late market for bookings though this year.”

Also under threat is the cheap cross-Channel away day. Cliff and Diana Waller, pensioners from Guildford, regularly take trips to France to stock up on cheap wine and cheese.

In Normandy last week they were shocked by the prices. “Wine wasn’t much cheaper than in England and we spent £50 on a bowl of moules marinières and a bottle of wine. We could get that in Loch Fyne for less,” Mrs Waller said.

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