Airlines projected to lose $84 billion this year

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Airlines projected to lose $84 billion this year
Photo Credit: Ersin Ergin/Shutterstock.com

The world’s airlines will lose $84 billion in 2020, according to the latest estimate by IATA.

“Financially, 2020 will go down as the worst year in the history of aviation,” IATA director general Alexandre de Juniac said. “On average, every day of this year will add $230 million to industry losses.”

The trade group projects that passengers will fly 54.7% fewer miles this year than last, with airlines offering 40.4% less capacity. In North America, passenger miles flown will be down an estimated 52.6% this year on 35.2% less capacity. The North American airline industry will lose $23.1 billion this year, according to the estimate. 

The IATA estimate assumes there won’t be a second Covid-19 wave. 

The trade group projects the global airline industry will lose $15.8 billion in 2021.

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