Global airline losses could exceed $ 200 billion by 2020-2022: IATA


Global airline losses could exceed $ 200 billion by 2020-2022: IATA

IATA says net business losses could be reduced to $ 11.6 billion by 2022.

New Delhi: The International Air Transport Association (IATA) announced on Monday that global aviation industry losses could reach $ 201 billion by 2020-2022. “The scale of the Covit-19 crisis for airlines is enormous. Total losses could exceed $ 200 billion by 2020-2022,” said Willie Walsh, director general of the IATA at the 77th Annual General Meeting of the Air Trade Association.

IATA’s recent outlook for the aviation industry showed “improved results” and noted that net industry losses could be reduced to $ 11.6 billion by 2021 after a loss of $ 51.8 billion. Taken together, total business losses are expected to reach $ 201 billion in 2020-2022, ”it added.

“Survival airlines have dramatically reduced costs and adapted their business to any opportunities. We have crossed the deep point of the crisis. When there are serious problems, the path to recovery is in sight. The plane is once again proving its resilience,” Mr Walsh said.

The IATA said the total number of passengers could reach 2.3 billion in 2021 and 3.4 billion in 2022; This is “less than the 4.5 billion passengers in 2019.”

It added, “The air cargo business is doing well, and domestic travel is approaching pre – crisis levels in 2022.”

“People are not losing the desire to travel as we see in the solid domestic market downturn. But they are being held back from international travel by restrictions, uncertainty and trouble. And governments are looking at vaccines as a way out of this crisis,” the IATA Director General said.

“Air traffic is flexible and resource-intensive, but the magnitude of this crisis only requires solutions from governments. Financial assistance during the crisis was a lifeline for many airlines,” Mr Walsh added.

The AGM of the Air Trade Association also endorsed the resolution for the global aviation sector to achieve net zero carbon emissions by 2050.

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