Global airlines heading for $84 billion net loss in 2020: IATA

On Tuesday, the International Air Transport Association (IATA) announced that international airlines are in line to make a combined net loss of more than $84 billion this year due to the coronavirus crisis which has decimated air travel demand.

According to IATA, airline revenues would likely fall from $838 billion to $419 billion this year. It also forecasted supplementary losses of $15 billion in 2021.

“The outlook is challenging to say the least. But aviation is a resilient industry,” IATA’s Director General Alexandre de Juniac said in a statement.

“With a globally harmonized and mutually recognized approach to the re-start measures, we can rebuild the confidence of travelers and kick-start the recovery in aviation and more broadly,” he added.

De Juniac said that IATA’s research shows airline passenger numbers fell at 25% this year, contributing to a $241 billion decline in passenger revenue.