This archive report was first published on 23 April 2020.
As the world grapples with the COVID-19 pandemic, the International Civil Aviation Organization (ICAO) has released a dire forecast for the airline industry. According to the UN agency, the pandemic could mean 1.2 billion fewer airline passengers worldwide by September.
Europe and the Asia-Pacific region are expected to bear the brunt of the decline, with the ICAO warning of a significant reduction in passenger numbers during the peak summer travel season.
Furthermore, the agency predicts that airline capacity could be slashed, resulting in a substantial drop in airline revenues in the first nine months of the year. The estimated loss could range from $160-253 billion.
These projections are more severe than the ICAO's initial estimates in February, when the outbreak seemed to be largely contained in China. At that time, the agency predicted a $4-5 billion drop in revenue for the airline industry.
