The airline industry could take a hit of up to $113 billion—more than three times worse the initial assessment—as a result of the coronavirus outbreak, according to an industry group.
MORE: Canceled flights, quarantined cruises and $30B losses: How coronavirus has upended the travel industry
A nearly empty hall in the Hongqiao International Airport in Shanghai, March 5, 2020, as the coronavirus epidemic slows airline traffic.Even in a more optimistic scenario where COVID-19 is contained, the group says it now sees revenue losses of at least $63 billion. "Airlines are doing their best to stay afloat as they perform the vital task of linking the world’s economies," he said."As governments look to stimulus measures, the airline industry will need consideration for relief on taxes, charges and slot allocation."A flight attendant on a near-empty Myanmar National airlines flight from Yangon to Suvarnabhumi International airport, March 4, 2020 during the flight.
Many major U.S. carriers including Delta, United and American have suspended or canceled flights to the Chinese mainland and Hong Kong for weeks amid the outbreak. The suspensions soon extended to South Korea, and many carriers also announced they were issuing travel waivers for elsewhere.
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