Between $ 63 billion and $ 113 billion less revenue will be generated by airlines around the globe in 2020. This is predicted by the International Air Transport Association (IATA). The organization leaves a loophole on its projections, noting that the sooner the epidemic in the world is dealt with, the less business losses will be.
The last major crisis for the aviation sector was due to the financial collapse of 2009. Back then, revenues from passenger flights fell by between 11 and 19 percent for various companies, explained IATA chief economist Brian Pierce in Singapore, CNBC reported.
On February 20, IATA released its estimates that the coronavirus would cost operators $ 29.3 billion in revenue in 2020 if the outbreak remained mainly in China. The coronavirus has already made its first casualty in Britain. The airline, Flybe, was going bankrupt because of the disease. The company was in financial trouble before the COVID-19.
No one dares to analyze how much the losses will be for the tourism sector globally. However, the cancellations of flights and excursions, the cancellation of major world events and conferences and the mass fear of travel are a fact.