The aviation sector is burning money at a rapid pace. About 300,000 dollars are lost every minute, increasing the need for financial aid. “Airlines are backed by governments around the world, but still need more money,” said IATA CEO Alexandre de Juniac.
According to the World Aviation Organization, about 77 billion dollars will be lost during the second half of 2020, despite the fact that airlines are able to fly again on a limited scale. The IATA predicts that five to six billion dollars will pass be lost every month in 2021.
The Juniac is calling on governments to continue lending money to the aviation sector, which is hit hard by the corona crisis. “At the moment, governments are already investing some 160 billion euros in aid in the sector, and we are grateful for that. But the crisis has turned out to be worse than expected, and if the aid is not extended, the consequences for aviation and the tourism sector are incalculable.”
Typically, airlines earn the most during the summer season. Now that that the industry is entering its low season, major problems are looming. The IATA has therefore previously argued for the relaxation of international travel restrictions.
Figures from IATA show that the corona crisis threatens 4.8 million jobs in the aviation sector.