Coronavirus Fear: Airlines Face Severe Loss #infographic

Coronavirus Fear: Airlines Face Severe Loss #infographic

The novel epidemic of coronavirus has impacted the economy around the world but the airline industry has suffered the hardest impact. Following the spread of the disease, government officials have asked travelers to curtail tourism as companies have cut back on their journeys–giving airlines a large number of cancels. Indeed, since many passengers are not confident flying during the outbreak, many airlines have forced themselves to fly their planes half-empty.

The International Air Transport Association (IATA) also anticipates considerably higher losses suffered by airlines than originally predicted. The IATA represents some 290 airlines sacrificing 82 per cent of global air traffic and forecasting that airlines may suffer this year from a loss of 11 per cent in passenger revenue–equal to $63 billion.

Health authorities previously thought the effect would be largely limited to the markets linked to China. Nevertheless, the virus is spreading at a phenomenal pace and the IATA estimates that in 2020 alone, the airline industry may have to suffer losses of up to $113 billion.

Taking into account the dramatic turn for the worse, IATA is urging government authorities to step in and provide some relief for the airline industry on taxes, charges and slot allocation. We all need the support we can get during these exceptional times!

Coronavirus Fear: Airlines Face Severe Loss #infographic

infographic by: www.statista.com

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