Airline industry still in the red, losing $ 300,000 per minute: Association

IATA calls on governments to support the industry during the coming winter season with additional relief measures

The airline industry will burn $77 billion in cash-- almost $13 billion per month or $300,000 per minute) in the second half of 2020 despite resuming operations after most countries shut down flying to contain the spread of the coronavirus, said an association on Tuesday. 

The slow recovery in air travel will see the industry continuing to burn through cash at an average rate of $5 billion to $6 billion per month in 2021, said the International Air Transport Association (IATA) in a statement.

IATA has called on governments to support the industry during the coming winter season with additional relief measures, including financial aid that does not add more debt to the industry’s already-highly-indebted balance sheet. To date, governments around the world have provided $160 billion in support, including direct aid, wage subsidies, corporate tax relief, and specific industry tax relief including fuel taxes, it added.