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The Airline Industry Facing The Challenges Of Video

The aviation industry is facing losses of more than billion dollars as a result of the coronavirus, according to the International Air Transport Association. The IATA recently revised this figure up to between 63 and billion dollars fordepending on how the virus spreads.

That's more than double its original estimate from last month. This would translate into a Ajrline in worldwide passenger revenue of 11 to 19 percent. To help mitigate the effects, the body has called for the suspension of the 'use it or lose it' rules governing the take-off and landing slots for aircraft. The virus has killed more than 3, people and infected 90, more as it spreads from China across the world.

Warning comes as aviation unions urge Congress to extend a 3rd round of payroll assistance

Already, it has dragged one airline under. British carrier Flybe has Airljne into administration, putting around 2, jobs at risk. Flybe is advising customers not to travel to the airport unless they have booked with an alternative airline. The airline could be just the first to crumble, according to Willie Walsh. The boss of British Airways owner IAG says other airlines could be at risk of going under as consumer demand falls.

Flybe had its own unique issues. A regional carrier from the UK, it has faced uncertainty from the Brexit process and high passenger duty on the domestic routes it served.

It however, was not as exposed to the coronavirus risk as other airlines. It did not fly to China, the centre of the outbreak. Virgin Atlantic, which headed a consortium to rescue Flybe last year, does fly several routes to China.

Those are now cancelled, with overall demand for flights halved since the crisis began. On Wednesday, the company announced more emergency measures. Executive pay has been cut, and staff are being encouraged to take unpaid leave. The story is the same across the industry. British Airways has cancelled transatlantic services, while U.

President Donald Trump has been meeting airline executives responsible for much of the country's domestic market. Many U. At the A4E aviation summit on March 3rd, airline bosses said the crisis is unlikely to be as bad for the industry as the aftermath of the terror attack in New York, or in during The Airline Industry Facing The Challenges Of global financial crisis.

He said: "In view of the coronavirus outbreak, we are asking governments to suspend the introduction of new flight taxes. New taxes put extra pressure on us, for example in France and the Netherlands. Airline executives say they are hopeful the disruption can be limited to another two or three weeks. Booking trends in Asia suggest an upturn is close by if the number of cases can be contained.

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