Iata, which represents some 290 airlines, believes that the industry's full-year traffic for 2020 will slide 66 per cent compared to 2019, with December demand to shrink by 68 per cent from a year ago.
As a result, costs are not falling as quickly as revenues. For instance, operating costs for the second quarter this year declined by 48 per cent year on year, slower than the 73 per cent drop in operating revenues, based on a sample of 76 airlines. To achieve a breakeven operating result and neutralise cash burn, unit costs will need to fall by 30 per cent in 2021, compared to the average CASK for 2020."Such a decline is without precedent," Iata said.
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