COVID-19 Crisis To Cut Airline Revenues By 60% In 2020: IATA

Airline revenue this year will plunge 60 percent as a result of the coronavirus pandemic which threatens the survival of the industry, the International Air Transport Association (IATA) said Tuesday, November 24.

“The Covid-19 crisis threatens the survival of the air transport industry,” with 2020 likely to go down in history as its “worst” year ever, IATA said.

According to the aviation body, while airlines have been slashing costs by $1 billion a day, grounding fleets and cutting jobs, they are still racking up huge and ‘unprecedented’ losses.