The corona pandemic has hit the aviation industry hard. This year, the global loss is expected to decrease. However, the industry association IATA does not expect to be in the black until next year.
After two bitter years of losses due to the corona pandemic, the aviation industry is expecting a somewhat stronger recovery this year than last.
Compared to last year, the worldwide loss is likely to decrease from 42.1 billion to 9.7 billion US dollars (9.2 billion euros), the industry association IATA announced on Monday at its general assembly in Doha. Most recently, the association had expected a minus of 11.6 billion dollars. For the coming year, IATA Director General Willie Walsh expects numbers to be in the black again worldwide. Airlines in North America are expected to make $8.8 billion in profit by 2022.
According to the association, the industry is heading for the red again this year in the rest of the world: airlines in Europe are likely to reduce their year-on-year losses by around two-thirds to $3.9 billion. For the airlines from the Asia-Pacific region, IATA expects a reduction in losses to $8.9 billion. In China in particular, the ongoing pandemic-related travel restrictions and local lockdowns are slowing the recovery in demand. Meanwhile, the aftermath of the Russian attack on Ukraine is driving up fuel prices and lengthening flight routes on routes between Europe and Asia.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
