Aviation Crisis Set To Cost European Airlines $89Bln In Losses, 6.7 Million Jobs - IATA
Umer Jamshaid Published April 24, 2020 | 04:10 AM
WASHINGTON (UrduPoint News / Sputnik - 24th April, 2020) The global financial crisis caused by the coronavirus (COVID-19) pandemic could cost European airlines as much as $89 billion in lost revenues and put the jobs of nearly 7 million people at risk, the International Air Transport Association (IATA) said in a statement on Thursday.
"IATA's analysis shows that the potential revenue loss by European carriers in 2020 has grown to $89 billion and passenger demand (measured in Revenue Passenger Kilometers) is projected to be 55% below 2019 levels," the release said. "We estimate that the present 90% collapse in air traffic puts around 6.7 million jobs at risk and could lead to a negative GDP impact of $452 billion across Europe."
The forecast exceeds IATA's March projection, when the association projected $76 billion in losses that would jeopardize some 5.
6 million jobs and trim GDP by around $378 billion.
The UK, Spain, Germany, Italy and France will be among the most affected countries, IATA predicted. Airlines in those countries could see a decline of about half a billion passengers, putting at risk more than 2.7 million jobs.
Russia's airlines meanwhile could suffer around $8.5 billion in lost revenues and shed more than 400,000 aviation jobs, IATA said. Such loses would equate to around $9.3 billion in losses to the country's GDP, it added.
The association urged government to take quick steps to minimize economic damage and provide direct financial support, loans and tax relief to airlines.
Related Topics
Recent Stories
DP World ILT20 Season 3 to begin from 11 January 2025
Sharjah Public Library unveils interactive arts and crafts journey at SCRF 2024
"Wonder Walks” show makes an enthralling debut at SCRF 2024
Remarkable Young Minds Light up the Stage at Sharjah Children’s Reading
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 12 May 2024
Today Gold Rate in Pakistan 12 May 2024
Crown Prince Mohammad bin Salman's visit schedule being discussed
Govt decides to procurement wheat from farmers
Deputy PM to pay 4-day visit to China from Monday
Pakistan seeks foreign investments in diverse sectors: PM
Digital transformation key priority for govt to improve tax collection: Aurangze ..
President-designate of COP29 for collective efforts to deal with climate change ..
More Stories From World
-
'Concerned' Djokovic to undergo scans as shock Rome exit follows bottle drama
5 hours ago -
S.Africa building collapse death toll rises to 20
6 hours ago -
Separatists lose majority in Catalan vote, Spain Socialists lead: partial results
6 hours ago -
Spain PM's Socialists eye power grab in Catalan vote
6 hours ago -
UN teams provide aid after deadly flash floods hit northern Afghanistan
6 hours ago -
Third edition of Global AI Summit returns to Riyadh this September
6 hours ago
-
Putin removes defence minister Shoigu
6 hours ago -
Arsenal's Havertz to become 'biggest Spurs fan' in hope of title twist
7 hours ago -
Kane-less Bayern beat Wolfsburg to go second
8 hours ago -
Rivers rise again as rain batters flood-hit south Brazil
8 hours ago -
Dogs, horses, rabbits: more than 10,000 animals rescued from Brazil floods
8 hours ago -
UN pleads for preventing a large-scale Israeli offensive in Gaza's city of Rafah
8 hours ago