The coronavirus could cause demand for global air travel to fall for the first time in since the global financial crisis, according to IATA, the global airline trade group.
SOPA Images/LightRocket via Getty Images: Cancelled flights to mainland China and reduced demand for travel because of the coronavirus could wipe $30 billion from the revenues of global airlines, according to International Air Transport Association.of lower global demand for air travel because of the coronavirus could cost airlines $29.3 billion this year—a fall of 4.7%.
Airlines operating in the Asia-Pacific region face the biggest hit with a $27.8 billion drop in revenue, while international carriers could lose $1.5 billion in revenue. This marks a major hit for global air travel, which IATA said was expected to grow 4.1% this year, but is now actually set to contract slightly thanks to local and international carriers cutting back flights because of lower demand.
This decline would mark the first fall in demand since the global financial crisis in 2009, the body said. The impact of the Coronavirus on airlines has dwarfed the 2002-2003 SARS outbreak that caused a $7 billion drop in revenues. : “Airlines and governments are in this together. We have a public health emergency, and we must try everything to keep it from becoming an economic crisis,” said IATA CEO Alexandre de Juniac. : Dozens of major airlines have cancelled or cut back flights to mainland China amid travel lockdowns, and international efforts to curb the spread of the pneumonia-like virus.
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