AIRLINES need up to another US$80 billion (RM327 billion) to survive, the head of the industry's trade association told a French daily today, as many countries tighten restrictions to confront another wave of coronavirus infections.
"For the coming months the industry is estimated to need US$70-US$80 billion in additional aid," the head of the International Air Transport Association (IATA) Alexandre de Juniac told La Tribune.
"Otherwise, they won't survive."
Airlines are one of the sectors worst hit by measures adopted by governments to slow the spread of the coronavirus, but they have also received an estimated US$160 billion in aid.
"The longer the crisis lasts, the greater the risk for bankruptcies," de Juniac was quoted as saying by the daily.
"Nearly 40" airlines "are in a very difficult situation or are under bankruptcy protection or administration", he added.
Travel restrictions imposed during the first wave of the crisis forced many airlines to ground almost their entire fleets. Many governments stepped in with various forms of aid such as loans, cash injections, and support for furloughed workers. – AFP, November 20, 2020
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