Coronavirus Fear: Airlines Face Severe Loss #infographic

Coronavirus Fear: Airlines Face Severe Loss #infographic

The novel coronavirus outbreak has infected the economy around the globe but the airline industry has experienced the most serious effects. Following the spread of the disease, government officials requested travelers to curb tourism as businesses cut down on their journeys–giving a significant number of cancels to airlines. Nonetheless, because many passengers do not fly comfortable during the epidemic, many airlines have forced themselves to fly half-empty on their flights.

The International Air Transport Association (IATA) also anticipates considerably higher losses that airlines suffer from than originally expected. The IATA represents some 290 airlines sacrificing 82 per cent of global air traffic and forecasting that this year airlines may experience a loss of 11 per cent in passenger revenue–equal to $63 billion.

Health officials previously assumed the impact would be largely confined to the China-linked markets. Nonetheless, the epidemic is spreading at a phenomenal rate and the IATA forecasts that the airline industry will have to incur losses of up to $113 billion by 2020 alone.

Given the dramatic turn for the worse, IATA is urging government authorities to step in and provide some relief on taxes, charges and slot allocation for the airline industry. We all need the help that we can get during these incredible times!

Coronavirus Fear: Airlines Face Severe Loss #infographic

infographic by: www.statista.com

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