IATA Expects $250B Industry Revenue Shortfall

FRANKFURT—IATA expects airlines globally to lose around $250 billion in revenues this year as a consequence of the coronavirus crisis and is asking governments to quickly intervene.

The latest IATA guidance replaces the previous worst-case scenario—which was only two weeks old and forecast the industry would lose up to $113 billion in revenues in 2020. Shortly after IATA had published the previous estimate, numerous countries implemented severe travel restrictions which “in effect shut down international air travel,” according to IATA chief economist Brian Pearce. The association did not make a forecast for profits or losses.