Icelandair Group hf: COVID-19 mitigating actions

The COVID-19 outbreak has significantly affected the demand for international travel. As travel restrictions have been implemented around the world, Icelandair has relied on the flexibility of its route network and gradually reduced flight capacity based on demand. Today, the Company is operating only 14% of its planned flight schedule, and, in the coming weeks, the capacity is expected to decline even further. The effect of the outbreak has also had a significant impact on the operations of other companies within Icelandair Group, such as its regional airline operation, Air Iceland Connect, and the operation of Icelandair Hotels.