Singapore: The airline industry could lose up to USD 113 billion in revenue this year due to the impact of the new coronavirus, The International Air Transport Association (IATA) warned on thursday, as the epidemic spreads rapidly worldwide.
IATA estimated revenue losses to airlines' passenger business of between USD 63 billion and USD 113 billion with the higher figure for a scenario where the virus spreads more widely.
The more dire prediction amounts to a 19 per cent loss in worldwide passenger revenues, IATA said.
“The turn of events as a result of COVID-19 is almost without precedent.”
Alexandre de Juniac, IATA head
It was a far bleaker assessment than two weeks ago, when IATA forecast revenue losses would come in at USD 29.3 billion.
But since then the virus has spread rapidly outside China, where it first emerged late last year, and has now reached some 80 countries and territories.
More than 95,000 people have been infected and over 3,200 have died worldwide.