Industry passenger revenues may drop $252 billion or 44 percent below last year's figure as a result of the novel coronavirus (COVID-19) pandemic, the International Air Transport Association (IATA) said in its updated analysis of the industry on Tuesday
WASHINGTON (Pakistan Point News / Sputnik - 24th March, 2020) Industry passenger revenues may drop $252 billion or 44 percent below last year's figure as a result of the novel coronavirus (COVID-19) pandemic, the International Air Transport Association (IATA) said in its updated analysis of the industry on Tuesday.
"Owing to the severity of travel restrictions and the expected global recession, IATA now estimates that industry passenger revenues could plummet $252 billion or 44 percent below 2019's figure," the release said. "This is in a scenario in which severe travel restrictions last for up to three months, followed by a gradual economic recovery later this year."
Earlier in March, IATA said the airline business could lose up to $113 billion this year because of travel restrictions and flight cancellations amid the pandemic.
Earlier on Tuesday, European Commission spokesman Adalbert Jahnz said that all EU member states have imposed temporary restrictions on travel to the bloc and the restrictions may be extended as necessary.
US officials said on Monday that air traffic between the United States and countries most affected by the pandemic has dropped 87 percent.
