The purpose of the study is to develop a model for the formation and implementation of financial support for tourism development based on determining the impact of tourism on the economy of European countries, which will optimise the allocation of resources, increase the efficiency of tourism activities and ensure sustainable development of tourism. The growing role of consumer choice requires European countries to create a new or improved the existing model of financial support for tourism development that would meet current trends and challenges in the tourism industry, as well as meet the needs and desires of tourists. A study of the impact of tourism on the economies of European countries indicates its optimistic development and forecasting scenario, as well as its resilience to global economic challenges. The results of the study showed that financial investment in tourism development is an important tool for stimulating economic development in European countries. This will help to create new jobs and increase economic activity, improve the international image and development of sustainable tourism, and have a positive impact on the environment, providing long-term benefits for European countries. The originality of the study lies in the developed model of formation and implementation of financial support for tourism development, which can be used as a tool for allocating investment resources to ensure the development of tourism in the EU countries and in the process of developing a strategy for sustainable tourism development.