Airlines’ loss to Covid-19 greater than in global financial crisis
The airline industry could lose up to $113bn in lost revenue with IATA director-general noting, ‘these are extraordinary times’
05 March 2020 - 18:04
Singapore — The coronavirus outbreak will cost the airline industry $63bn to $113bn in lost revenue from passengers in 2020, the International Air Transport Association (IATA) said as it revised an estimate for a $30bn loss made just two weeks ago.
The scenario for a $113bn in global revenue losses would involve the virus spreading more broadly, IATA said in a statement in Singapore on Thursday. That would represent a 19% drop from 2019 and a financial effect equivalent to what the aviation industry experienced during the global financial crisis more than a decade ago, IATA said...
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