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Airlines heading for $84 billion loss this year: IATA

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A SUMMARY

Airlines heading for $84 billion loss this year: IATA

By Laurence Frost

PARIS (Reuters) - Airlines are set to lose $84 billion as the coronavirus pandemic reduces revenue by half to mark the worst year in the sector’s history, the International Air Transport Association (IATA) forecast on Tuesday.

With most of the world’s airliners currently parked, IATA said revenue would likely fall to $419 billion from $838 billion last year.

“Every day of this year will add $230 million to industry losses,” IATA Director General Alexandre de Juniac said.

The average loss amounts to almost $38 per passenger flown.

In 2021, IATA forecast losses at $15.8 billion to take the two-year total to about $100 billion as traffic struggles to recover and airlines slash fares to win business.

“Airlines will still be financially fragile in 2021,” De Juniac said, predicting “even more intense” competition.