Airlines will lose $ 314 billion due to coronavirus

Airline profits due to the coronavirus-related crisis in 2020 will decline by 55% or $ 314 billion from the 2019 figure.

Potential airline losses due to COVID-19 are reported in an updated forecast by the International Air Transport Association (IATA).

The previous forecast for March 24 stipulated that the earnings of air carriers would fall by $ 252 billion, or 44%. However, a few weeks later, more stringent flight restrictions were introduced, and the crisis has further affected the regions of Africa and Latin America.

The head of IATA, Alexander de Junyak, considers it unlikely that the aviation industry will quickly recover to its previous levels and predicts that it will be gradual.

According to the association’s forecast, the crisis could lead to the dismissal of 25 million workers out of 65.5 million people who work in the airline industry and related segments of the economy.

Most of all, this will affect the Asia-Pacific region, where 11.2 million people may lose their jobs, and Europe – with a loss of jobs in the amount of 5.6 million.

Note that regular air travel in Ukraine When air travel in Ukraine resumes: Krikliya forecast may resume in August – September 2020. However, to enter the pre-crisis regime, it will take about 2 years.

Graduated from Embry-Riddle Aviation University with a master's degree in aviation science. He began his career as an aviation researcher in local periodicals. Has a pilot license. Now are the author and developer of the Plane Worlds.