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42 failed airlines and counting: Wait for vaccine crushes industry

A new wave of Covid-19 lockdowns combined with the usual winter slump in traffic will push more airlines toward the brink, says one analyst.

File photo of an airport

Some 42 airlines worldwide have failed or entered administration this year. (Representative photo.)

Christopher Jasper, Richard Weiss and Charlotte Ryan | Bloomberg
The trio of coronavirus vaccines racing toward approval may reach the masses too late to prevent another round of airline failures.

With last week’s insolvency filing at Norwegian Air Shuttle ASA, some 42 airlines worldwide have failed or entered administration this year, according to research from consultant IBA Group. The tally may surpass 70 through March, as rising cases weigh on revenue and carriers struggle to secure fresh funding.

“The fourth quarter and the first quarter of next year could be equally terrible,” IBA’s Stuart Hatcher said in an interview. “Airlines will be trying everything to get through to Easter, when higher

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First Published: Nov 23 2020 | 8:49 PM IST

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