Climate Adaptation
Airline Industry Forecast to Suffer Record $84 Billion Loss
- Debt burden will swell to more than $550 billion, IATA Says
- More governments may take stakes by converting loans to equity
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Airline losses are surging to unprecedented levels expected to be more than three times those following the 2008 global economic slump, according to the industry’s main trade group.
The International Air Transport Association on Tuesday predicted carriers will lose a combined $84 billion this year and almost $16 billion in 2021, its first estimate of the hit to earnings since the Covid-19 crisis began. That compares with $31 billion during the 2008-2009 recession.