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IATA: Global airline Covid losses to surpass USD200 billion
International Air Transport Association says total losses from the Covid pandemic are set to exceed $200 billion.
During its annual meeting IATA adjusted up its loss estimate for this year, with both business travel and long-haul demand soft.
It projects $201 billion in net losses overall during the pandemic period and expects key business routes to remain weak into 2022.
While transatlantic routes will start recovering this fall, those linking Asia with Europe and North America are well behind.
"The magnitude of the Covid-19 crisis for airlines is enormous. People have not lost their desire to travel as we see in solid domestic market resilience. But they are being held back from international travel by restrictions, uncertainty and complexity," said IATA Director General Willie Walsh.
It forecasts total passenger traffic reaching 40% of pre-pandemic levels this year, and up to 61% in 2022.
Walsh called for the easing and simplifying of rules to allow vaccinated travelers to move more easily across borders.
"Travel restrictions bought governments time to respond in the early days of the pandemic. Nearly two years later, that rationale no longer exists."
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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