And losses are mounting for the aviation industry in the United States as the Coronavirus pandemic continues to damage the economy, and hope for an immediate government aid package dwindles.
In the hope that the pandemic will end and air traffic return to its previous era, American Airlines received billions in aid from Congress, in the form of grants and loans, to help it overcome the crisis.
“The current downturn in the aviation industry dwarfs past crises such as SARS and the September 11 terrorist attacks of 2001,” says Karl Moore, assistant professor at McGill University’s School of Management.
He added, “What we saw is domestic travel in the United States increased relatively, but international travel decreased dramatically, and even domestic travel was not close to what it was last year.”
The American website said that the combined third-quarter losses for airlines in the United States are estimated at 11.5 billion dollars, especially since there are 5 million air transport jobs at risk due to the epidemic, according to the estimates of the Air Transport Working Group.
Negotiations between the White House and Congress on a new aid package are continuing, with few indications that an agreement will soon be reached.
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