This archive report was first published on 24 April 2020.
As the COVID-19 pandemic continues to spread, the International Civil Aviation Organization (ICAO) has estimated that airlines worldwide could face losses amounting to $253 billion by September this year.
According to ICAO, the suspension of international passenger flights has led to a significant reduction in airline passengers, with estimates showing a 1.2 billion reduction by September 2020.
The impact of the pandemic on the airline industry is being felt across the globe, with Europe and the Asia-Pacific regions experiencing the most significant reductions in numbers.
ICAO's report highlights the following key statistics:
- A 19% year-on-year drop in air freight for the month of March, measured in tonnes transported
- A 22% drop in air freight revenues
- A 31% drop in belly cargo
- A 9% increase in all freighter capacity
- A 91% reduction in global passenger capacity as of April
Under ICAO's baseline scenario, passenger numbers could have risen by 64 million in the first nine months of 2020, while revenues could have increased by $15 billion.
Many airlines are already feeling the strain, with some asking for state bailouts, laying off staff, or entering into voluntary administration.
