The International Air Transport Association’s latest report paints a dire picture for global airline finances.
IATA’s financial outlook for the air transport industry forecasts airlines will lose $84.3 billion in 2020.
Airline revenues will fall by 50% to $419 billion from $838 billion in 2019, and losses will ease to about $15.8 billion next year.
"Financially, 2020 will go down as the worst year in the history of aviation. On average, every day of this year will add $230 million to industry losses," said Alexandre de Juniac, IATA director general and CEO.
"Provided there is not a second and more damaging wave of Covid-19, the worst of the collapse in traffic is likely behind us. A key to the recovery is the universal implementation of the re-start measures agreed through the International Civil Aviation Organization (ICAO) to keep passengers and crew safe."
IATA sees green shoots of a minor recovery but 2020 traffic levels are expected to be down by more than half compared to 2019.
Yields will be down by about 18% as airlines offer deep discounts to get customers flying again.
One bright spot is the fall in fuel prices.
IATA says jet fuel will account for about 15% of overall costs compared to more than 23% in 2019.
