Airlines Brace for $113 Billion in Lost Revenue From Virus
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The novel coronavirus outbreak will cost the airline industry $63 billion to $113 billion in lost revenue from passengers this year, the International Air Transport Association said as it revised an estimate for a $30 billion loss made just two weeks ago.
The scenario for a $113 billion in global revenue losses would involve the virus spreading more broadly, IATA said in a statement in Singapore on Thursday. That would represent a 19% drop from 2019 and a financial impact equivalent to what the aviation industry experienced during the global financial crisis over a decade ago, IATA said.