Close to 200 European airports facing insolvency in the coming months: ACI Europe

ACI Europe estimated (26-Oct-2020) 193 airports in Europe face insolvency in the coming months if passenger traffic does not recover by the end of 2020. These airports facilitate 277,000 jobs and EUR12.4 billion of European GDP, ACI noted. The airports facing insolvency are mainly regional airports that serve and are integral to local communities, while larger European airports and hubs are significantly increasing debt to maintain operations and are being forced to make large scale redundancies. ACI Europe DG Olivier Jankovec commented: "Eight months into the crisis, all of Europe's airports are burning through cash to remain open, with revenues far from covering the costs of operations, let alone capital costs. Governments' current imposition of quarantines rather than testing is bringing Europe's airports closer to the brink with every day that passes". [more - original PR]