Airlines Need Another $ 70-80 Billion To Survive

Airlines Need Another $ 70-80 Billion To Survive

Airlines need another $ 70-80 billion (€ 59.01-67.44 billion) to survive. This was announced by the head of the International Air Transport Association IATA Alexandre de Juniac for the French newspaper La Tribune. This is due to further restrictions imposed by many states to stop the second wave of the new coronavirus pandemic. "It is estimated that the aviation industry will need additional aid of $ 70-80 billion in the coming months. Otherwise, they will not survive," he told La Tribune. Air transport is one of the sectors hardest hit by government measures to slow tfrfhe spread of coronavirus. The airlines have already received aid worth an estimated $ 160 billion. "The longer the crisis lasts, the greater the risk of bankruptcy," de Juniac told the daily. He added that "almost 40 airlines" are in a very difficult situation, or have already applied for bankruptcy protection, or are under administration. Travel restrictions imposed during the first wave of the pandemic have forced many airlines to ground most of their fleets. Many governments have provided various forms of assistance to carriers, such as loans, guarantees, part-time support or employee leave, under the so-called short time scheme.