Australia and Taiwan joined governments offering financial aid to airlines, whil...
The outbreak of the flu-like virus has wiped 41%, or $157 billion, off the share value of the world’s 116 listed airlines, with many using up their cash so fast they can now cover less than two months of expenses, a Reuters analysis showed.
The International Air Transport Association representing the sector said $200 billion in government support could be needed worldwide.Emirates and El Al Israel Airlines ELAL.AT asked staff to take unpaid leave, and Vietnam Airlines HVN.HM and Vietjet Air VJC.HM will suspend flights to major Southeast Asian and European destinations.
U.S. airlines are seeking to quickly reduce their workforces through unpaid leave of up to 12 months with medical benefits or early retirement packages in a sign carriers do not expect a quick rebound. Trump said on Tuesday that travel restrictions within the United States are being considered, which would be a further blow to its domestic carriers.Global passenger numbers are expected to fall by as much as 30% this year with a full recovery not likely until 2022 or 2023, S&P Global Ratings said.
“At the risk of being alarmist, the airline industry is on the brink of collapse as governments are quarantining large portions of their populations and closing off borders,” Cowen analyst Helane Becker told clients.Slideshow
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