Impact of COVID-19 on the global airline industry - Issue 2 (Hot Topic Brief)
Summary COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. No industry has seen a greater impact than airlines.
Key Highlights - COVID-19 has now spread to 168 countries/regions with over 380,000 cases being reported. The spread of the virus has had a deleterious impact on the global airlines industry and many industry players are now in a serious fight for survival as passenger numbers plunge. IATA estimates that the COVID-19 impact could cost the industry as much as $252bn, a number that is being revised upwards with frightening regularity.
- The US government has acted decisively, pledging approximately $50bn to support the industry as part of its CARES Act economic stimulus package. It has barred companies that access this aid from engaging in share buybacks for the term of the loan plus one year, a wise move as tax payers have expressed some opposition to bailing out big business. Other governments have so far been far less dynamic and they must act soon to stave off potential disaster.
- The last few days have felt like a junction has been reached: easyJet announced that its entire fleet is now grounded, Air Canada announced the furlough of 16,500 staff, British Airways announced a temporary stop to all operations at Gatwick and furloughed over 30,000 staff, and American Airlines made it clear that it wants to access $12bn of government support funding. Which way the industry goes from here remains to be seen, but government action, or in some cases a lack thereof, will be a key determinant.
- Airports are also now feeling the pinch in a big way. Passengers numbers have plummeted and they too are being forced into action. Heathrow has announced it is closing one runway from April 6, while Paris Orly has closed altogether and what little traffic remained there has been re-routed to Charles de Gaulle Airport.
Scope - This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that airlines can take to mitigate the impact of COVID-19.
Reasons to Buy - Gain an overview of the current global COVID-19 situation
- Understand the impact that COVID-19 is having on the industry
- Explore future industry scenarios
- Assess possible mitigating actions
- Compare key industry players’ actions
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