Airlines See Loss Reaching $157 Billion Before Virus Clears
- IATA trade group says 2020, 2021 will be two worst years ever
- Carriers vulnerable until cash turns positive late next year
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Record airline losses from the coronavirus outbreak will continue to mount next year as anticipated vaccination programs take time to revive travel demand, according to the industry’s main trade group.
The International Air Transport Association on Tuesday predicted carriers will lose a combined $157 billion in 2020 and 2021, almost 60% more than it had suggested in June and five times the deficit racked up during the 2008-2009 recession. It called the crisis “devastating and unrelenting.”