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IATA Says Airlines Could Lose Up To $113bn In Passenger Revenue Due To Coronavirus

Published on Mar 9 2020 10:00 AM in General Industry tagged: Trending Posts / IATA / International Air Transport Association

IATA Says Airlines Could Lose Up To $113bn In Passenger Revenue Due To Coronavirus

Airlines could lose $63 billion to $113 billion in revenue for passenger traffic globally in 2020, depending on how the coronavirus spreads, International Air Transport Association (IATA) has said.

The last time the industry faced a revenue shock of this magnitude was in 2009 during the global financial crisis, IATA chief economist Brian Pearce said at a media briefing in Singapore.

Scenarios

The $63 billion figure is for a scenario where the disease is contained in current markets with over 100 cases as of March 2, following a v-shaped recovery, IATA said.

The $113 billion estimate is for a scenario with a broader spreading of the disease.

This fall would translate to 11%-19% of worldwide passenger revenue loss.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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