WASHINGTON - US airlines are collectively burning more than US$10 billion in cash per month and averaging fewer than two dozen passengers per domestic flight in the wake of the coronavirus pandemic, industry trade group Airlines for America said in prepared testimony seen by Reuters ahead of a US Senate hearing on Wednesday.
"The US airline industry will emerge from this crisis a mere shadow of what it was just three short months ago," the group's chief executive, Nicholas Calio, will say, according to his prepared testimony. US airlines have canceled hundreds of thousands of flights, including 80 per cent or more of scheduled flights into June as US passenger traffic has fallen by 95 per cent since March. They are conducting additional cleaning measures and requiring all passengers to wear facial coverings.
The US Treasury has awarded nearly US$25 billion in cash grants to airlines to help them meet payroll costs in exchange for them agreeing not to lay off workers through Sept 30. Major airlines have warned they will likely need to make additional cuts later this year to respond to a long-term decline in travel demand.
Source: News Formal (newsformal.com)
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