Coronavirus crisis to cut airline 2020 revenues 60%: IATA

“The Covid-19 crisis threatens the survival of the air transport industry,” with 2020 likely to go down in history as its “worst” year ever, IATA said.

Airline revenue this year will plunge 60 percent as a result of the coronavirus pandemic which threatens the survival of the industry, the International Air Transport Association (IATA) said Tuesday.

“The Covid-19 crisis threatens the survival of the air transport industry,” with 2020 likely to go down in history as its “worst” year ever, IATA said.

It said that while airlines have been slashing costs by $1 billion a day, grounding fleets and cutting jobs, they are still racking up huge and “unprecedented” losses.