Coronavirus USA Updates: Airline passenger revenues could drop by over $300 billion

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Coronavirus USA Updates: Airline passenger revenues could drop by over $300 billion
Coronavirus USA Updates: Airline passenger revenues could drop by over $300 billion

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.

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“The industry’s outlook grows darker by the day,” Alexandre de Juniac, IATA’s director general and CEO said in a statement.

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Treasury Secretary Steven T. Mnuchin announced earlier in the day that 10 carriers will receive stimulus money from the Payroll Support Program.

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