INSUBCONTINENT EXCLUSIVE:
IATA said net industry losses may be reduced to $11.6 billion in 2022.New Delhi: The International Air Transport Association (IATA) on
Monday announced that the global airline industry losses may reach $201 billion during 2020-2022
"The magnitude of the Covid-19 crisis for airlines is enormous
Over the 2020-2022 period total losses could top $200 billion," Willie Walsh, IATA's Director General said at the airline trade
association's 77th Annual General Meeting.The IATA's latest outlook for airline industry showed "improved results" and mentioned that the
net industry losses may be reduced to $11.6 billion in 2022 after a $51.8 billion loss in 2021
"Net 2020 loss estimates have been revised to $137.7 billion (from $126.4 billion)
Adding these up, total industry losses in 2020-2022 are expected to reach $201 billion," it added."To survive airlines have dramatically cut
costs and adapted their business to whatever opportunities were available
We are well past the deepest point of the crisis
While serious issues remain, the path to recovery is coming into view
business is performing well, and domestic travel will near pre-crisis levels in 2022.""People have not lost their desire to travel as we see
in solid domestic market resilience
But they are being held back from international travel by restrictions, uncertainty and complexity
More governments are seeing vaccinations as a way out of this crisis," the IATA's Director General said."Aviation is resilient and
resourceful, but the scale of this crisis needs solutions that only governments can provide
Financial support was a lifeline for many airlines during the crisis," Mr Walsh added.The airline trade association's AGM also approved a
resolution for the global air transport industry to achieve net-zero carbon emissions by 2050.
