Half of passenger traffic and more than half of revenues wiped out in 2020. Effective recovery requires coordinated approach led by international institutions. The ongoing COVID-19 pandemic has resulted in a full-scale transportation crisis with the imposition of travel restrictions and suspension of flights in a global effort to contain the spread of the virus. Aviation has been brought to a virtual halt and the industry is in survival mode, crippled by the loss of traffic and revenues.
The unique feature of the ongoing crisis is the fact that both the supply and the demand sides of the equation are suppressed. On one hand, most flights are suspended, and travel is severely restricted while, on the other hand, air transport demand, particularly the passenger segment, has collapsed. The latter is a result of an idiosyncratic combination of economic and behavioural factors. The deteriorating macroeconomic situation and loss of income is added to by consumer concern that they may be susceptible to contracting the virus if they fly. Either and both conditions lead to avoidance or postponement of travel plans. (ACI)
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