The International Air Transport Authority has warned that the coronavirus outbreak will likely reduce global air traffic by 4.7%, and could cost airlines more than $29 billion, with Asian carriers bearing the brunt of the losses.
Hong Kong The global airline industry is facing huge financial losses and its first decline in more than a decade because of the novel coronavirus outbreak.
The International Air Transport Authority warned on Thursday that the virus' impact on demand could cost airlines more than $29 billion, with Asian carriers bearing the brunt of the losses. The outbreak will also likely reduce global traffic by 4.7%, wiping out IATA's earlier forecast for growth and marking the first overall decline in demand since the global financial crisis of 2008 - 2009.
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