BREAKING: Another 48 cases of the novel coronavirus have been diagnosed in South Korea. In total, there are now 204 cases across the country. The number of infections in South Korea has almost doubled in 24 hours.
From CNN's Chris LiakosThe total global lost revenue for airlines due to the coronavirus crisis could be as much as $29.3 billion, the International Air Transport Association said Thursday.
The IATA's initial assessment of the impact of the novel noronavirus 2019 outbreak shows a potential 13% full-year loss of passenger demand for carriers in the Asia-Pacific region. “Considering that growth for the region’s airlines was forecast to be 4.8%, the net impact will be an 8.2% full-year contraction compared to 2019 demand levels. In this scenario, that would translate into a $27.8 billion revenue loss in 2020 for carriers in the Asia-Pacific region—the bulk of which would be borne by carriers registered in China, with $12.8 billion lost in the China domestic market alone.
“The sharp downturn in demand as a result of COVID-19 will have a financial impact on airlines— for those particularly exposed to the China market,” said Alexandre de Juniac, IATA’s Director General and CEO.
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