Worst year for aviation, global airlines to lose $84 bn in 2020: IATA

The International Air Transport Association (IATA) has projected $84.3-billion loss for global airlines in 2020 as travel bans and visa restrictions are set to halve international passenger traffic. Financially, 2020 will go down as the worst year in the history of aviation, IATA’s Director General Alexandre de Juniac said as he released the financial outlook for the air transport sector on Tuesday. Based on passenger estimates, airlines will lose $37.54 per passenger, it said.

A sharp fall in demand and revenue has forced airlines to slash costs, and governments are stepping in to infuse funds and keep airlines afloat.