Global airlines bleed $ 300,000 per minute

Global airlines bleed $ 300,000 per minute
Global airlines bleed $ 300,000 per minute

Saudi News Saudi News – Riyadh: IATA: International airlines bleed 300 thousand dollars per minute Source of news – Saudi Arabia -cnn with news details IATA: International airlines bleed 300 thousand dollars per minute:

Saudi Arabia News Today , United Arab Emirates (CNN) – The International Air Transport Association (IATA) has warned that the aviation industry will lose $ 77 billion in cash during the second half of the year 2020, equivalent to $ 300,000 per minute, despite the resumption Flight operations around the world.

The federation said in a statement on Tuesday that the slow recovery in the air travel sector will cause a drain of between 5 and 6 billion dollars per month in aviation industry liquidity in 2021.

The federation called on world governments to support airlines during the coming winter season by adopting additional relief measures, including financial aid that do not add more debt to the balance sheet.

So far, the world’s governments have provided $ 160 billion in support that includes direct aid, wage subsidies, corporate tax breaks, and industry-specific tax breaks, including fuel taxes.

The crisis is “deeper and longer than any of us can imagine. Initial support programs are running out. Today we must sound the alarm again. If these support programs are not replaced or expanded, the consequences are” said Alexandre de Juniac, IATA Director General and CEO. An already faltering industry will be disastrous. ”

The union estimates that while costs were cut by just over 50% during the second quarter, the industry spent about $ 51 billion in cash, while revenues were down nearly 80% compared to the same period last year.

The cash drain continues during the summer months, and airlines are expected to bleed an additional $ 77 billion of their money during the second half of this year and an additional $ 60-70 billion in 2021. The industry is not expected to reap any positive profits until the year 2022.

Airlines have taken widespread self-support measures to cut costs since the outbreak of the Corona pandemic, with some suspending thousands of aircraft, blocking roads and cutting any non-essential expenses, and imposing unpaid vacations and layoffs for hundreds of thousands of employees.

Loma News is a news search engine and Loma News disclaims all responsibility for the content of the news Saudi News – Riyadh: IATA: International airlines bleed 300,000 dollars per minute Or the pictures, but the responsibility lies with the original publisher of the news and the source Saudi Arabia -cnn, and the original publisher bears the copyrights and intellectual property rights of the news. This news has been transmitted automatically.

Key wordsSaudi news, the latest news of Saudi Arabia today, urgent from Saudi Arabia, the Kingdom of Saudi Arabia

These were the details of the news Global airlines bleed $ 300,000 per minute for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT US Fed holds key rate steady for fourth straight meeting