Net losses in the US airline industry are expected to surpass $35 billion for 2020.
That would represent about 40% of global airline losses.
According to CNBC,it includes the first annual loss in decades for Southwest Airlines.
It brings to a shuddering halt a decade of big profits for the airline industry.
CNBC said major carriers have suffered large double-digit declines in share price, led by United Airlines’ 51% and 45% at American Airlines.
US airlines increased total debt by $67 billion in 2020 trade group Airlines for America said.
Servicing huge debts will weigh heavily on airlines for years to come.
Still, Delta Air Lines is cautiously optimistic and is hoping to have positive cash flow by mid-2021.
"The second phase will begin only when we reach a turning point with widely available vaccinations that spur a significant return to travel, particularly business travel," Delta CEO Ed Bastion said in a memo to workers.
Delta’s third-quarter revenues fell 76% to $3.1 billion.
Written by Ray Montgomery, US Editor
