LONDON/PARIS - Global airlines urged governments on Tuesday to speed up bailouts to rescue the air transport industry as they doubled their estimate of 2020 revenue losses from the coronavirus crisis to more than $250 billion.
The industry is now contemplating months without flying. Ryanair, Europe's biggest airline by passenger numbers, said on Tuesday it did not expect to operate in April or May. Airline stocks have been among the biggest casualties of a financial market rout sparked by fears of a global recession, but Vertical Research Partners analyst Robert Stallard said the full extent of coronavirus' impact on the aerospace industry could turn out to be even worse than current dire forecasts.
IATA broadly stuck to a forecast last week that government bailouts worth about $200 billion were needed, even as it more than doubled its estimate for 2020 revenue losses to $250 billion, compared with $113 billion forecast 2-1/2 weeks ago. That would represent a 44% decline on 2019.De Juniac, a former Air France-KLM boss, brushed aside a growing debate about whether relief for airlines should come with strings attached, such as new commitments on climate goals.
IATA, which groups some 280 airlines including most of the world's largest network carriers, said signs of a deep recession could delay a recovery in airline travel - in contrast with the fast rebound seen after previous epidemics.
bankruptcy. it's how you handle these problems.
They should shift to cargo so medical supplies and essentials could be transported swiftly to where they are badly needed
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