Reuters :
Airlines are on course to lose a total $157 billion this year and next, their main global body warned on Tuesday, further downgrading its industry outlook in response to the second wave of coronavirus infections and shutdowns afflicting major markets.
The International Air Transport Association (IATA), which in June had forecast $100 billion in losses for the two-year period, said it now projects a $118.5 billion deficit this year alone, and a further $38.7 billion for 2021.
The bleak outlook underscores challenges still facing the sector despite upbeat news on the development of Covid-19 vaccines, whose global deployment will continue throughout next year.
“The positive impact it will have on the economy and air traffic will not happen massively before mid-2021,” IATA Director General Alexandre de Juniac told Reuters.
Passenger numbers are expected to drop to 1.8 billion this year from 4.5 billion in 2019, IATA estimates, and will recover only partially to 2.8 billion next year. Passenger revenue for 2020 is expected to have plunged 69% to $191 billion.
The forecasts assume some re-opening of borders by the middle of next year, helped by some combination of Covid-19 testing and vaccine deployment.
