During this period the Austrian economy recovered, Austria’s transformation into a modern industrial nation came to be called – “the Austrian Miracle”. Since the prewar years the government had controlled public utilities including: gas, water electricity and railroads. After 1946 the government came into possession of iron and steel works, petroleum refineries, plants producing machinery, electrical equipment and fertilizers, banks and the Danube Steamship Company. There was a demand in Europe for what Austria was producing and the economy flourished.
Factors that influenced Austrian tourism included the 1964 Winter Olympics that were held in Innsbruck and the attention that the 1959 Rogers and Hammerstein Broadway hit The Sound of Music and the 1965 movie that followed brought to Austria. Today there are still Sound of Music tours available in Austria.
Map Of Europe Austria Map Of Galicia Austria Photo Gallery
Austria’s university system expanded by adding two new universities at Salzburg and Linz.
Map Of Austria With Cities Map Of Austria With Cities And Towns
Austria in the European Union: 1995-Present (1 minute)
In June of 1994 Austrian voters passed a referendum indicating their desire to join the European Union (EU). In January of 1995 Austria became a member of the EU. In 2002 Austria replaced it currency, the schilling with the euro.
As Austria began to privatize its state owned business operations in the 1990’s the EU imposed sanctions on Austria fearing foreign (particularly German) ownership of Austrian businesses. Austrian protest of these sanctions led to them being dropped.
Today Austria’s government and economy remain strong.