PARIS: Airlines operating in the Asia-Pacific region stand to lose a combined US$27.8 billion of revenue this year in the ongoing coronavirus crisis, the International Air Transport Association said on Thursday (Feb 20).
The estimate is based on projections of a 13 per cent full-year decline in passenger demand, mostly in China, the trade body said in a statement.
IATA said its estimate assumed that COVID-19 behaves like a SARS outbreak nearly two decades ago, which was "characterised by a six-month period with a sharp decline followed by an equally quick recovery".
Airlines in China's domestic market alone are estimated to lose around US$12.8 billion in revenues.
Carriers outside the Asia-Pacific region are seen suffering US$1.5 billion in losses.
This brings worldwide airline revenue lost to the virus to a projected US$29.3 billion, IATA said.
If however, the virus spreads more widely to Asia-Pacific markets then impacts on airlines from other regions would be larger, IATA warned.
IATA had previouRead More – Source