Wizz Air has announced 1,000 job losses, equivalent to 19% of its workforce.
In addition, other employees have been furloughed and the remaining workforce have had salaries cut.
Pilots, cabin crew and office staff have seen pay cut by 14% on average for the year, while top execs will lose 22% of their pay.
The airline said traffic was down 34% year-on-year in March and it is currently operating at just 3% of its pre-coronavirus capacity. It has lost more than £60 million between March and May.
Chief executive József Vradi said: "First and foremost, I would like to thank our people for their tremendous support to passengers and communities across all countries during these unprecedented times.
"They have risen to the challenges facing Wizz Air and the industry with grace and determination, especially when it comes to performing repatriation flights for citizens stranded by Covid-19 across the world and delivering key medical supplies to help our countries, communities of caregivers and their patients."
