The International Air Transport Association (Iata) warned on Wednesday that the air industry could lose up to $252 billion in revenue due to the outbreak of the novel Coronavirus (Covid-19).
“The airline industry faces its gravest crisis," said Iata director general Alexandre de Juniac.
“Airlines need $200 billion in liquidity support simply to make it through. Some governments have already stepped forward, but many more need to follow suit.”
Iata’s previous estimates predicted revenue losses of $113 billion for the year, but with the increased restrictions to world travel the association has decided to more than double the expected losses. – Bjorn Vorster