Peter Parker's European field trip in Avengers: Endgame radically transformed the Marvel Cinematic Universe. The whole universe suffered when Thanos snapped his finger and erased half of all life in the cosmos - and then was equally shaken when all those who had crumbled to dust were unexpectedly returned five years later.
Spider-Man: Far From Home essentially serves as an epilogue to Avengers: Endgame. Peter Parker has always been one of the most relatable superheroes of all, and Marvel's deliberately using Spider-Man to help ground the cosmic events of the last few films. That's presumably one reason the film features Peter and his classmates going on a European summer vacation; to allow audiences to see how the entire world has been affected by the snap.
In an interview with ComicBook, director Jon Watts revealed that the field trip almost involved a visit to a whole new corner of the MCU. He said:
"You go through so many iterations of this story and so many brainstorm sessions that I don't even that conversation. I one point we were talking about if one of the stops along the way through Europe was going to be New Asgard."
Avengers: Endgame revealed that the Asgardians had Thor: Ragnarok, neatly explaining why Thor Odinson took his people there after Thanos' attacks.
It's interesting to imagine how Peter would have reacted to New Asgard. As one of Thanos' snap victims, he missed five years of history, meaning he'd have been shocked to even learn that there was an Asgardian refugee community on Earth. What's more, Watts seems to be drawn to the Thor franchise as Spider-Man: Homecoming contained a couple of Thor Easter eggs as well. Still, in the end, the reality is that this is a Spider-Man movie, and that there are already a lot of concepts in play. A trip to New Asgard would probably have been a little too much in this case, but hopefully won't be long before any Marvel movie takes viewers there for a glimpse of this exciting new corner of the MCU.
Source: ComicBook