The global airline industry is facing an unprecedented crisis and is likely to lose $9 billion this year, nearly double an estimate made just three months ago, the International Air Transport Association said today.
“This is the most difficult situation the industry has faced,” Giovanni Bisignani, IATA's director general and CEO, told the aviation body's annual meeting in the Malaysian capital.
“Our industry has been shaken.”
IATA had predicted in March that 2009 losses for the airline industry would total $4.7 billion. It has also revised its estimate of 2008 losses to $10.4 billion from $8.5 billion.
Mr Bisignani said the aviation industry's 2009 revenues would fall by $80 billion to $448 billion because of the global economic crisis.
“Our future depends on a drastic reshaping by partners, governments and industry,” he said. “We cannot bear the cost of government micro-regulation, crazy taxation and partners abusing their monopoly power.”
Reuters