With countries across the region in lockdown, flight activity has plummeted 93% from around 200,000 a day, with losses in revenue estimated at $18 billion.The IATA official says the impact to the industry is even worse than the aftermath of the September 11, 2001 attacks on the US.
Governments are conscious of the broader effects and Chile is considering a bailout for LATAM, seeing the airline as vital to the economy, and seeking to preserve 10,000 direct jobs as well as the livelihood of up to 200,000 people the government says are dependent on the airline indirectly.The company is also holding discussions with the governments of Brazil, Peru, and Colombia to save jobs there.
In Argentina, state-owned Aerolineas Argentinas announced a merger with its subsidiary Austral this month to reduce infrastructure and staff to save up to $100 million.
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