It was speculated not even two weeks ago that, due to federal budget cuts, Fleet Week in New York City could be cancelled. Those beliefs were confirmed today when it was announced that the 26-year tradition would be coming to an abrupt end just weeks before it’s yearly festivities.

The event’s cancellation, announced by Staten Island Fleet Week Inc. Board of Directors, would have ran from May 22nd to 29th this year. Additionally, all incorporated activities have been brought to a halt, reports

Katy Perry Performs During Fleet Week 2012

Fleet Week 2010 As Seen From the Air

The cancellation will have a negative impact on New York City’s economy. It’s reported that the week long event “contributes tens of millions of dollars to the economy and millions in city tax revenue.”

“I think it’s terrible.” Robin Weisberg of Waldwick, N.J. told CBS New York. “I look forward to it every year, seeing the soldiers and sailors. I think it will have a big impact on this area, definitely.”

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