It’s no surprise, but with our recent global pandemic, the airlines are going to suffer badly.
And one analyst firm predicts many carriers will go bankrupt by end of May without government intervention. “Coordinated government and industry action is needed — now — if catastrophe is to be avoided,” noted the Sydney-based CAPA Centre for Aviation in a statement.
In a field that will be “littered with casualties,” the CAPA Centre did suggest airlines in countries like the U.S., China and some in the Middle East will likely survive due to government help or support from their owners. Still, up to 50 millions jobs in the travel and tourism sectors are at stake, according to the report.
Related: Seriously, Please Don’t Leisure Travel During Coronavirus
Carriers are expected to lose as much as $113 billion in lost revenue this year, according to the International Air Transport Association.
Most of the CAPA suggested solutions include easing of fees and regulations to facilitate current travel (actually, just don’t leisure travel for now) and also “increasing budgets and assigning resources for promotion, marketing and product development in destinations when they are ready to welcome visitors again.”
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