This Year Airline Industry Can Confront $113 Billion Losses in Revenue

A spokesperson from the airline industry, on Thursday, revealed this year, it has been estimated that there is a chance of losing around $113 billion in airline industry. Losses in revenue will occur because of the invasion of the deadly coronavirus which has taken an epidemic form and is transmitting rapidly across the world. IATA (International Air Transport Association) estimated that the revenue casualties to the passenger business of airline can be between $63 billion to $113 billion. The higher amount ($113 billion) is for the situation where the novel coronavirus is in the most infectious form.

International Air Transport Association revealed that the more terrible estimation is equal to 19 percent loss in the passenger revenues throughout the world. A statement from IATA explains that 19 percent loss financially would be equivalent to the amount that the airline industry once experienced when there had been a global financial disaster. This was more depressing estimation when the situation when, two weeks earlier, International Air Transport Association predicted the revenue losses could be around $29.3 billion in total.

In December 2019, the virus was first found in the people of Wuhan city in China. The city was sealed so that no one can get inside, and no one can go outside this city. However, currently, the coronavirus has reached more than 80 countries and has infected over 95,000 people globally. In the meantime, already 3,200 people have died because of the infection. The virus causes severe damage in respiratory system and is responsible for multiple organ failure.

In a meeting held in Singapore, the head of the International Air Transfer Association, Alexandre de Juniac said that because of the invasion of COVID-19, the turn of these events is without any criterion. He also said that within only two months, the forecasts of the industry in much part of the world have taken an emotional turn.