Lufthansa senior management to take 20% pay cut due to coronavirus crisis

Lufthansa said that the airline industry may not survive without state aid if the coronavirus pandemic lasts for a long time, as it throws everything at bringing home travellers and keeping industrial supply chains open.

The German airline group, which has implemented drastic capacity reductions, introduced short-time working and suspended its dividend, said it was impossible to forecast the impact of coronavirus on its profitability.

“The spread of the coronavirus has placed the entire global economy and our company as well in an unprecedented state of emergency,” CEO Carsten Spohr said in a statement. “At present, no one can foresee the consequences.”