The FINANCIAL -- Extensive cost cutting measures are being implemented by the region’s carriers to mitigate the financial impact of COVID-19. However, due to flight bans as well as international and regional travel restrictions, airlines’ revenues are plummeting—outstripping the scope of even the most drastic cost containment measures. With average cash reserves of approximately two-three months in the region, airlines are facing a liquidity crisis. Support measures are urgently needed. We estimate the total jobs supported by aviation in Europe to be 12.2 million. On a global basis, IATA estimates that emergency aid of up to $200 billion is required.…
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The FINANCIAL -- Extensive cost cutting measures are being implemented by the region’s carriers to mitigate the financial impact of COVID-19. However, due to flight bans as well as international and regional travel restrictions, airlines’ revenues are plummeting—outstripping the scope of even…