The ever-increasing toll of COVID-19 on airlines is without parallel. Within weeks, the entire industry has been brought to its knees, as carriers worldwide try to cope with the dramatic fall in passenger numbers and governments closing their borders.
PUT SIMPLY, the ongoing COVID-19 pandemic is the single greatest challenge ever posed to commercial aviation. On March 24, the International Air Transport Association (IATA) estimated that the crisis could potentially cost the industry $252bn in lost revenue – eclipsing the $7bn in losses attributed to the severe acute respiratory syndrome (SARS) outbreak of 2002-03.
Norwegian Air Shuttle, which has faced ongoing financial difficulties since 2017, made drastic cuts during March. The low-cost outfit confirmed it would reduce its scheduled flying by 85% and temporarily lay off 7,300 staff – around 90% of its total workforce.