Covid-19: Airlines globally to report $80 billion losses in 2020: IATA
NEW DELHI : Airlines globally will lose over $84 billion during financial year 2020, the biggest in aviation history, due to the outspread of covid-19 and a muted travel appetite is expected to lead to at least $16 billion losses for airlines during financial year 2021, Alexandre de Juniac, director general and chief executive of industry body International Air Transport Association (IATA) said on Tuesday.
“The losses this year will be the biggest in aviation history—over $84 billion in 2020 and nearly $16 billion in 2021. By comparison, airlines lost $31 billion with the Global Financial Crisis and oil price spike in 2008 and 2009. There is no comparison for the dimension of this crisis,” Alexandre de Juniac said during a media briefing session.
IATA expects the share of world GDP (Gross domestic Product) spent on air transport to be halved in 2020, totaling $434billion (0.5% of GDP) amidst widespread lockdowns.
