The aviation industry are set to lose a major chunk of their revenues,I.e- around $84 billion because of the ongoing coronavirus pandemic. It is certain that the revenue by half to indicate the worst year in the industry’s history, the International Air Transport Association (IATA) predicted on Tuesday.
With most of the world’s airliners currently halted, IATA informed revenue is expected to fall to $419 billion from $838 billion as compared to the previous year. “Every day of this year will add $230 million to industry losses,” IATA Director General Alexandre de Juniac said.
In 2021, IATA forecasted and warned that losses can lead to suffering of $100 billion as traffic struggles to recover and airlines and fares to secure business.
Also, according to further reports, airlines are keeping a track in terms of cost of weeks of lost business, a debt pile dilated by bailouts and a diminished demand outlook.
The number of passengers, are seen falling to 2.25 billion this year before rising to 3.38 billion in 2021, still more than 25% below 2019 benchmarks.
Even in markets where coronavirus infection rates have dipped drastically, airlines still face trouble of travel restrictions and wary consumers.