France Needs More than $17 Billion to Save Airbus
New measures from Emmanuel Macron may not be enough to offset the impact of the crisis on aerospace firms.
Trying to keep on the lights.
Photographer: Ivan Romano/Getty Images EuropeThe Covid-19 pandemic has brought the usually resilient aerospace industry to its knees. Air passenger traffic has collapsed by 90% in Europe and isn’t likely to get back to pre-virus levels for several years. Airlines are fighting for survival and have grounded their fleets. Passenger-jet makers Airbus SE and Boeing Co., after years of briskly building planes to meet booming demand, are slashing investments, jobs and production in a world where nobody wants new aircraft. Their suppliers are equally suffering.
Nothing like this has been seen since the “Boeing Bust” of the early 1970s, when defense cutbacks, airliner belt-tightening and a consumer recession led to losses and bailouts across the industry. Boeing survived, but its hometown of Seattle was scarred by layoffs. A billboard was put up to reflect the mood: “Will the last person leaving Seattle turn out the lights.”