Icelandair implements coronavirus cost saving actions

Icelandair implemented (23-Mar-2020) the following measures to increase the flexibility of Icelandair Group, decrease costs and improve cash flow in response to coronavirus:

• Operate 14% of the planned schedule, with capacity expected to further decline;
• Move 92% of employees to part time work temporarily;
• Terminate the employment of 240 employees;
• Reduce salary by 20% for full time employment. Executive management salaries reduced by 25% and the salary of the CEO and board of directors reduced by 30%. [more - original PR]