“On average, every day of this year will add $230 million to industry losses.” Aviation Airlines Covid19
The airlines, under the aegis of the International Air Transport Association , said the measures would hasten the recovery and slow current losses that are plundering the airlines out of business.
“On average, every day of this year will add $230 million to industry losses. In total that’s a loss of $84.3 billion. It means that—based on an estimate of 2.2 billion passengers this year—airlines will lose $37.54 per passenger. That’s why government financial relief was and remains crucial as airlines burn through cash,” de Juniac said.
“That’s an important part of the economic recovery because about 10 per cent of the world’s GDP is from tourism and much of that depends on air travel. Getting people safely flying again will be a powerful economic boost,” de Juniac said. Passenger revenues are expected to fall to $241billion, down from $612billion in 2019. This is greater than the fall in demand, reflecting an expected 18 per cent fall in passenger yields as airlines try to encourage people to fly again through price stimulation. Load factors are expected to average 62.7 per cent for 2020, some 20 percentage points below the record high of 82.5 per cent achieved in 2019.
Cargo is the one bright spot. Compared to 2019, overall freight tonnes carried are expected to drop by 10.3 million tonnes to 51 million tonnes. However, a severe shortage in cargo capacity due to the unavailability of belly cargo on passenger aircraft is expected to push rates up by some 30 per cent for the year.
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