As of Apr. 6th, the global patients of COVID-19 have exceeded 1.2 million, and the death total over 100,000. This is a global tragedy and crisis. In the United States, there are over 300,000 COVID-19 patients; The country has become a disaster zone.
To prevent widespread infection, many countries have implemented home quarantine policies and closed their borders and canceled most international and domestic flights. The shutdown of social activities caused severe economic losses in multiple industries, such as airline corporation. On March 5th the international air transport association (IATA), a global trade group, predicted that airline annual revenues could take the biggest hit of $113 billion this year. That’s a fifth of last year’s total revenue. Delta, the US airline, said it could cut international flights by 40%. Lufthansa, Europe’s largest airline, has halved its flights in April. Like most companies’ policies, airlines corporation are desperate to conserve cash. In addition to cutting flights, many are demanding or forcing employees to take unpaid leave. Still, there were casualties, Flybe, a British airline, declared bankruptcy on March 5th. Boeing’s production base in Seattle has been shut down for two weeks.
Professionals think that if this continues for a quarter or two, most industries may be able to overcome it, but the future of air travel could change forever.
The Economist. (Mar. 15, 2020). Coronavirus is grounding the world’s airlines. Retrieved from https://www.economist.com/business/2020/03/15/coronavirus-is-grounding-the-worlds-airlines