JAKARTA. The International Air Transport Association (IATA) predicted that airlines around the world could lose up to US$ 314 billion due to the COVID-19 outbreak.
The loss projection is 24.6% higher than the previous estimate of only US$ 252 billion. IATA said the loss occurred due to a decrease in air travel in the world, which had dropped 80% due to the virus, as quoted from cnnindonesia.com.
In addition, air travel in North America is projected to drop by 36% compared to last year, while the number of passengers dropped by 94%.
This will affect the financial performance of airlines globally. IATA predicts that airline revenues will drop by 64%. (AM/AR)