Airlines are on course to lose a total US$157 billion this year and next, their main global body warned on Tuesday, further downgrading its industry outlook in response to a second wave of coronavirus infections and shutdowns afflicting major markets.
"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. The forecasts assume significant reopening of borders by the middle of next year, helped by some combination of Covid-19 testing and vaccine deployment.
While some governments and airlines such as Australia's Qantas say passengers are likely to require vaccination for long-haul travel, the approach is unlikely to work everywhere, de Juniac said. Some US$173 billion in government aid has left recipients with debts that threaten to hobble future investment, it warned, and more bankruptcies are likely. Norwegian Air became the latest casualty on Nov 18, when it filed for bankruptcy protection in Ireland.
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