IATA renewed (26-Mar-2020) calls for "urgent action" from European governments to provide financial support to airlines in response to the coronavirus (COVID-19) outbreak. According to IATA's current estimates, European carriers are expected to lose USD76 billion in revenue in 2020 due to the virus, with passenger demand projected to decline 46% year-on-year. IATA warned such a decline puts at risk about 5.6 million jobs and USD378 billion in GDP supported by air transport. IATA detailed some of the impacts at the national level as follows:
- UK: 113.5 million fewer passengers resulting in a USD21.7 billion revenue loss, risking almost 402,000 jobs and around USD32.7 billion in contribution to the UK economy;
- Spain: 93.7 million fewer passengers resulting in a USD13 billion revenue loss, risking 750,000 jobs and USD49.4 billion in contribution to Spain's economy;
- Germany: 84.4 million fewer passengers resulting in a USD15bn revenue loss, risking 400,000 jobs and USD28 billion in GDP;
- Italy: 67.7 million less passengers resulting in a USD9.5 billion airline revenue loss, risking 256,000 jobs and USD67.4 billion in contribution to GDP;
- France: 65 million fewer passengers resulting in a USD12 billion revenue loss, risking 318,000 jobs and USD28.5 billion in contribution to France's economy. [more - original PR]