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.

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