Hong Kong, April 8 -- International Air Transport Association director general and CEO, Alexandre de Juniac, says for airlines COVID-19 is apocalypse now. It is not an exaggerated description of the situation given the damage the pandemic is wreaking on the global industry.
For airlines, the revenue black hole, and only if the crisis passes in three months, is estimated at US$252 billion. The Asia-Pacific component of that bill is $90 billion and climbing.
With no relief in sight from the worldwide travel bans - and no timetable for lifting border prohibitions for foreign travelers into most countries across the globe - the impact of the 9/11 terror attack, SARS (2003-2004) and the Global Financial Crisis (2008) pales into insignificance ...