IATA increases estimated 2020 coronavirus revenue impact to between USD63bn and USD113bn

IATA provided (05-Mar-2020) an updated analysis of the financial impact of the coronavirus on the global air transport industry, raising its forecast of 2020 global revenue losses for the passenger business from its previous outlook of USD29.3 billion to a range of USD63 billion (low spread/containment case) to USD113 billion (scenario of broader spreading). No estimates are yet available for the impact on cargo operations. The earlier forecast was based on a scenario that would see the impact of COVID-19 largely confined to markets associated with China. Since that time, the virus has spread to over 80 countries and forward bookings have been severely impacted on routes beyond China. [more - original PR]