Airlines need another $70-80B to survive, says IATA chief | Inquirer Business
Close  

Airlines need another $70-80B to survive, says IATA chief

/ 10:02 PM November 20, 2020
Airlines need another $70-80B to survive, says IATA chief

(FILE PHOTO) International Air Transport Association (IATA) chief executive Alexandre de Juniac (left) speaks at a press conference after the IATA annual meeting as Qatar Airways chief executive Akbar Al Baker (center) and Qantas chief executive Alan Joyce (right) look on in Sydney, Australia, on June 5, 2018. (Photo by PETER PARKS / AFP)

PARIS — Airlines need up to another $80 billion to survive, the head of the industry’s trade association told a French daily on Friday, as many countries tighten restrictions to confront another wave of coronavirus infections.

“For the coming months, the industry is estimated to need $70-$80 billion in additional aid,” the head of the International Air Transport Association (IATA) Alexandre de Juniac told La Tribune. “Otherwise they won’t survive.”

ADVERTISEMENT

Airlines are one of the sectors worst hit by measures adopted by governments to slow the spread of the coronavirus, but they have also received an estimated $160 billion in aid.

“The longer the crisis lasts, the greater the risk for bankruptcies,” de Juniac was quoted as saying by the daily.

FEATURED STORIES

“Nearly 40” airlines “are in a very difficult situation or are under bankruptcy protection or administration,” he added.

Travel restrictions imposed during the first wave of the crisis forced many airlines to ground almost their entire fleet. Many governments stepped in with various forms of aid such as loans, cash injections, and support for furloughed workers.

For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link .

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: 2019-nCoV, Airline, aviation, China, coronavirus, COVID-19, Health, IATA, international news, lockdown, nCoV, nCoV update, News, novel coronavirus, outbreak, pandemic, Tourism, Travel, Virus, world, world news, wuhan
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.