Sat, Feb 22, 2020 - 5:50 AM
"This will be a very tough year for airlines," IATA CEO Alexandre de Juniac said in a statement. "Stopping the spread of the virus is the top priority."AIRLINES operating in the Asia-Pacific region stand to lose a combined US$27.8 billion of revenue this year in the ongoing coronavirus crisis, the International Air Transport Association said on Thursday.
The estimate is based on projections of a 13-per cent full-year decline in passenger demand, mostly in China, the trade body said."This will be a very tough year for airlines," IATA CEO Alexandre de Juniac said in a statement."Stopping the spread of the virus is the top priority." IATA said its estimate assumed that Covid-19 behaved like the Sars outbreak nearly two decades ago, which was"characterised by a six-month period with a sharp decline followed by an equally quick recovery".
This will be the first time since the 2008-2009 financial crisis that demand for air travel has declined, Mr de Juniac said.
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