The International Air Transport Association (IATA) released a new estimate Tuesday that COVID-19 could cause airline passenger revenues to drop by $314 billion in 2020. IATA’s forecast is up from its $252 billion estimate on March 24 and represents a 55% drop in 2020 passenger revenue compared to 2019.
“The industry’s outlook grows darker by the day,” Alexandre de Juniac, IATA’s director general and CEO said in a statement.
Treasury Secretary Steven T. Mnuchin announced earlier in the day that 10 carriers will receive stimulus money from the Payroll Support Program.
