New from Breakingviews: If the past is any guide, the stock market’s mauling of airlines due to the coronavirus outbreak is excessive, writes edwardcropley:
A plane carrying passengers who have been under quarantine on a coronavirus-stricken cruise ship off the coast of Japan, the Diamond Princess, lands at RAF Boscombe Down in Amesbury, Britain, February 22, 2020.
The financial fallout from the latest epidemic will be severe. Industry body International Air Transport Association on Thursday said the hit to airline revenue might range from $63 billion – around 10% of global annual sales – to as much as $113 billion if things get worse. Though some airlines have cancelled flights, half-empty planes and hefty overheads will drain cash. The global nature of the outbreak also means bosses cannot reroute planes and crews from stricken areas.
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