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I guess if you put yourself in a position to be that dependent on an idiot like Kanye, you don't really deserve that money anyway.
It's absolutely not a hit to the economy in any way. Money not spent at a festival doesn't evaporate into thin air. People simply spend that money on other, similar things.
Plus the festival is organised by Live Nation Concerts, an American company, with tickets sold through Ticket Master, another American company (also owned by the same parent company Live Nation Inc) so the vast majority of the money spent at the festival wouldn't end up in the UK economy in the first place.
Merch? Overpriced drinks and food? Accommodation? Transport? Visits to other attractions while in London?
Why they canceled the entire festival?
Because he was headlining all 3 days. There is not a chance of getting 3 acts of similar clout to play at this short notice. At which point the event is far enough from what was advertised that they'd have to give refunds to the shitload of angry customers demanding them. Better to just cancel now.
Also it was speculated elsewhere that Kanye may get paid (by contract) if the festival happens, but not if the festival as a whole is canceled. It's speculative, but reasonable to assume Kanye had strong contract guarantees.
I'm sure London will cope somehow
It's not a loss, it's one discretionary spending option that's not there anymore.
Unless it was anticipated to bring significant visitors from outside the metropolis.