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Most of the world’s airlines will go bankrupt amid the coronavirus crisis.
That’s the suggestion from CAPA Centre for Aviation, a Sydney-based consultancy, which predicts the majority of the world’s airlines will be bankrupt by the end of May – many airline carriers have already suspended routes for March, April and May as a result of flight restrictions.
The death of the aviation industry would see global greenhouse gas emissions drop sharply, as jet planes are a signficant contibutor to climate change and global warming.
The firm said: As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy or are at least substantially in breach of debt covenants.
Cash reserves are running down quickly as fleets are grounded and what flights there are operate much less than half full. Demand is drying up in ways that are completely unprecedented.
