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Coronavirus Could Cost Airline Industry $ 100 Billion
Fall in travel due to fears of coronavirus could end up costing the airline industry more than $ 113 billion in revenue this year, which is four times more than a loss forecast two weeks ago , according to a report by Financial times.
The International Air Transport Association (IATA) said Thursday, March 5, that the air transport industry was in crisis due to the rapid spread of the virus in regions like Europe and the United States. United.
Southwest Airlines, the world's largest low-cost carrier, said it expected between $ 200 million and $ 300 million in base revenue in the first quarter.
Carriers in the U.S. have recently been the healthiest and most profitable in the world, but the impact of the coronavirus appears to be accelerating and forcing Delta and United Airlines to cut domestic and international flights.
The drop in demand for flights has been sudden and difficult for airlines to manage. Delta will cut flights to Japan and United will severely cut flights to Asia and Europe, and all domestic flights by 10%.
IATA said it expects carrier losses of between $ 63 billion and $ 113 billion this year, far more than a previous forecast of $ 30 billion.
Since then, the virus has spread to more than 80 countries, and term bookings have been severely affected on routes beyond China, IATA said in a statement.
The new scenarios depend on how the coronavirus epidemic continues and its content or growth.
European airlines have also multiplied cancellations, and some fear losing the airport's landing and take-off slots due to less use. The rules say that if an airline does not use its slots in 80% of the times, it will lose them, and the airlines say that they might have to run empty to keep them.
The trade organization calls on the government to suspend these rules so that airlines can keep their seats.
Temporary suspension of the rules for the use of slots and a reduction in passenger taxes are crucial steps governments can take to help, said Rafael Schvartzman, Regional Vice President of IATA.
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