Financial impact of the pandemic on the global airline industry
The International Air Transport Association (IATA) declare financial impact of COVID-19.
"The history books will record 2020 as the airline industry's worst financial year, bar none. Airlines cut expenses by an average of a billion dollars a day over 2020 and will still rack-up unprecedented losses.
“Were it not for the $173 billion in financial support by governments we would have seen bankruptcies on a massive scale," Alexandre de Juniac outlined the situation.
IATA has revised its airline industry financial forecast from June 2020 where an $84.3 billion net loss was envisaged for 2020, to a net loss of $118.5 billion, and has doubled its original net loss forecast for 2021 to $38.7 billion instead of $15.8 billion originally forecast.