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Global Airlines Face $113bn Hit From Coronavirus

Global Airlines Face $113bn Hit From Coronavirus

The losses would be similar to those experienced by the aviation industry during the global financial crisis of 2008, IATA warned as it dramatically increased its estimate of the damage caused by the outbreak.

It said airlines could lose 19% of their business if the virus isn’t contained soon. Just two weeks ago, IATA had been expecting lost sales in the range of $30 billion.

Airlines in Europe and Asia would bear the brunt of the pain, according to IATA. Carriers in Asia Pacific could lose out on sales worth $58 billion.

If the virus is contained soon, and economies around the world recovery quickly, total industry losses could be limited to $63 billion, he added.

There are already more than 94,000 confirmed cases of the novel coronavirus worldwide, and nearly 3,300 deaths, mostly in China.

South Korea, Japan, Italy and Iran are also already suffering major outbreaks.