The projected revenue loss for the global airline industry is likely to be around $250 billion in 2020, up from the earlier estimate of $113 billion, the International Air Transport Association (IATA) announced on Tuesday.
The sharp increase in the projection of losses comes as more and more countries close their borders to global airlines.
“The latest projections are about 44 per cent higher compared to the 2019 levels,” said Brian Pearce, Chief Economist, IATA, in a global media teleconference media.
India, UAE and a host of other countries have closed their borders for international airlines. India will also stop domestic flights from midnight on Tuesday. Pearce described the current crisis as the gravest that the global civil aviation has faced.
