As for New Year's - Amsterdam is going to be VERY crowded and touristy at New Year's, but if you don't mind that, I'm sure there will be lots of events and fireworks and such. I'm not sure what Bruges will be like, but Bruges is a much smaller city, and has a more romantic setting. There's probably going to be fireworks as well. I recommend checking with the tourist information offices of both cities, to see what they've got going for them around New Year's.
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As for New Year's - Amsterdam is going to be VERY crowded and touristy at New Year's, but if you don't mind that, I'm sure there will be lots of events and fireworks and such. I'm not sure what Bruges will be like, but Bruges is a much smaller city, and has a more romantic setting. There's probably going to be fireworks as well. I recommend checking with the tourist information offices of both cities, to see what they've got going for them around New Year's.