IATA: Airlines 'hit by a sledgehammer called COVID-19' in Feb-2020

IATA director general and CEO Alexandre de Juniac stated (02-Apr-2020) airlines were "hit by a sledgehammer called COVID-19" in Feb-2020 and the virus' impact has left the industry with "little to do except cut costs and take emergency measures in an attempt to survive in these extraordinary circumstances". IATA reported Feb-2020 global passenger traffic (RPKs) fell 14.1% year-on-year, the steepest decline in traffic since the 9/11 terrorist attacks in 2001. The decline reflected collapsing domestic travel in China and sharply falling international demand to, from and within Asia Pacific, owing to the spreading COVID-19 virus and government imposed travel restrictions. Feb-2020 capacity (ASKs) fell 8.7% as airlines scrambled to trim capacity in line with plunging traffic and load factor fell 4.8pp to 75.9%. Mr de Juniac said: "Without a doubt this is the biggest crisis that the industry has ever faced." [more - original PR]