{"id":257660,"date":"2020-06-10T06:15:49","date_gmt":"2020-06-10T10:15:49","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=257660"},"modified":"2025-01-12T04:26:47","modified_gmt":"2025-01-12T09:26:47","slug":"airline-industry-may-lose-over-84-b-in-2020","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/06\/10\/airline-industry-may-lose-over-84-b-in-2020\/","title":{"rendered":"Airline industry may lose over $84-B in 2020"},"content":{"rendered":"
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The IATA chief, however, said if there is not a second and more damaging wave of coronavirus disease 2019 (Covid-19), the worst of the collapse in air traffic is likely over. (Pexels photo)<\/figcaption><\/figure>\n

GENEVA<\/strong>\u00a0\u2013 The International Air Transport Association (IATA) on Tuesday said its financial outlook for the global air transport industry shows that airlines are expected to lose USD84.3 billion in 2020 for a net profit margin of -20.1 percent.<\/p>\n

\u201cFinancially, 2020 will go down as the worst year in the history of aviation,\u201d said Alexandre de Juniac, IATA\u2019s Director General and CEO.<\/p>\n

\u201cOn average, every day of this year will add USD230 million to industry losses. In total, that\u2019s a loss of USD84.3 billion,\u201d he said, noting that all regions will post losses in 2020.<\/p>\n

The IATA chief, however, said if there is not a second and more damaging wave of coronavirus disease 2019 (Covid-19), the worst of the collapse in air traffic is likely over.<\/p>\n

\u201cA key to the recovery is the universal implementation of the re-start measures agreed through the International Civil Aviation Organization (ICAO) to keep passengers and crew safe,\u201d said the IATA chief.<\/p>\n

Revenues will fall 50 percent to USD419 billion from USD838 billion in 2019. In 2021, losses are expected to be cut to USD15.<\/p>\n

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8 billion as revenues rise to USD598 billion, said IATA.<\/p>\n

De Juniac said the figures are based on an estimate of 2.<\/p>\n

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2 billion passengers this year and that airlines will lose USD37.54 per passenger.<\/p>\n

He said that was why government financial relief remained crucial as airlines \u201cburn through cash.\u201d<\/p>\n

IATA said passenger demand evaporated as international borders closed and countries locked down to prevent the spread of the novel coronavirus leading to the biggest driver of industry losses.<\/p>\n

De Juniac said about 10 percent of the world\u2019s GDP is from tourism, and much of that depends on air travel.<\/p>\n

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<\/p>\n

\u201cGetting people safely flying again will be a powerful economic boost,\u201d he said.<\/p>\n

IATA said that the gradual reopening of air travel is likely to be progressive, starting with domestic markets, followed by regional and, lastly, international.<\/p>\n

Its research suggests that some 60 percent of travelers will be eager to recommence travel within a few months of the pandemic coming under control.\u00a0(Anadolu)<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

GENEVA\u00a0\u2013 The International Air Transport Association (IATA) on Tuesday said its financial outlook for the global air transport industry shows …<\/p>\n","protected":false},"author":44,"featured_media":257661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,54365,16,17],"tags":[],"class_list":["post-257660","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-instagram","category-news","category-news-w","mauthors-anadolu","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/257660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=257660"}],"version-history":[{"count":2,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/257660\/revisions"}],"predecessor-version":[{"id":282730,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/257660\/revisions\/282730"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/257661"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=257660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=257660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=257660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}