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Airline Losses Due To Coronavirus Could Reach $253 Billion

Airline Losses Due To Coronavirus Could Reach $253 Billion

The International Civil Aviation Organization (ICAO) forecasts a decrease in passenger traffic on international flights by September 2020 by 1.2 billion passengers and a loss of up to $253 billion in revenue. Such data is provided in the organization's report.

According to the ICAO, passenger traffic will fall by two-thirds of the previously forecast due to a drop in demand for air travel, due to the threat of coronavirus infection. Losses in airline revenue from January to September 2020 are estimated by the ICAO to be between $ 160 and $253 billion. According to the organization's forecast, airlines in Europe and the Asia-Pacific region (APR) and North America will suffer the most. The most significant reduction in the number of international air travelers is predicted in Europe, during its peak summer tourist season, and then in the same season – in the Asia-Pacific region.

According to the ICAO, the air transport industry supports a total of 65.5 million jobs worldwide, including 10.2 million directly. Airlines, air navigation service providers and airports employ about 3.5 million people, 1.2 million are employed in the aircraft industry, and airports provide additional employment for 5.6 million 55.3 jobs related to tourism services, also supported by aviation.

The world's civil aviation is experiencing the deepest crisis in history due to the coronavirus epidemic. According to the International Association of Airports, in the first week of April, domestic passenger traffic fell 10 times compared to the same period in 2019, and in the second and third weeks of April – by 14-16 times.

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