Financial impact of the pandemic on the global airline industry

"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.