Pandemic Expected To Cost Airlines $157B
IATA: AIRLINE INDUSTRY WILL LOSE $157 BILLION IN 2020 AND 2021 BECAUSE OF COVID-19
(CNN) – The airline industry will lose $157 billion between this year and next due to the COVID pandemic.
That’s according to industry body IATA.
It says that’s the biggest hit to airlines since World War II.
The losses are worse than those sustained during the great financial crisis and 9-11.
IATA expects airlines to stop losing money in the fourth quarter of 2021.
It says things should improve in the second half of the year as borders re-open and a vaccine becomes more widely available.