Mideast airlines out $7.2 billion so far as flights scrapped
Airlines have already lost more than $7 billion as the coronavirus tears through the Middle East.
Due to a devastating decline in demand for flights amid the fast-spreading coronavirus, airlines in the Middle East have already lost more than $7 billion in revenue, the largest industry body said Thursday.
The International Air Transport Association, which represents some 290 airlines in 120 countries, says “Revenues are plummeting — outstripping the scope of even the most drastic cost containment measures.”
“With average cash reserves of approximately two months in the region, airlines are facing a liquidity and existential crisis,” the group said in a statement. “Support measures are urgently needed.”
Since the end of January, more than 16,000 passenger flights have been canceled in the Middle East, causing losses of $7.2 billion in revenue as of March 11, the body said. The group estimates up to $200 billion in emergency aid for the aviation industry will be needed globally.
