The International Air Transport Association said, “revenues would drop to $419bn, down 50% from 2019. This year will go down as the “worst” on record financially. They expected airlines to lose $230m on average each day this year as the number of travelers falls to 2.25 billion, roughly halving from last year.”
Also, the association mentioned that the industry would see losses again next year as well but the loss amount would drop to $15.8bn. The pandemic led to ten thousand who lost jobs and livelihoods ruined.
Let’s hope for the best as travel is starting to pick up but the recovery has been slow due to the lockdown but airlines are still jointly facing a net loss of $84bn this year where they had been expecting a $35bn profit. To this situation, companies dealt with by grounding fleets, scaling back service and cutting thousands of jobs.
“Global airline revenues would fall by $29bn this year,” once said IATA and in late February, IATA has revised its projections a few times since then. The figure now stands at a colossal of $419bn.
Industry groups, including IATA, asked the UK government to eliminate the 14-day quarantine on passengers entering the country.