Australia and Taiwan joined a growing list of countries offering financial aid t...
SYDNEY/CHICAGO - Australia and Taiwan joined a growing list of countries offering financial aid to their ailing aviation sectors as global airlines announced deeper capacity cuts due to plummeting demand and stricter border controls associated with the coronavirus.
The outbreak of the flu-like virus has wiped 41%, or $157 billion, off the share value of the world’s 116 listed airlines, with many using up their cash so fast they can now cover less than two months of expenses, a Reuters analysis showed. The airline industry’s main global body, the International Air Transport Association , said the total government support needed worldwide could reach $200 billion.
U.S. airlines are seeking to quickly reduce their workforces through early retirement packages or unpaid leave of up to 12 months with medical benefits in a further sign that airlines do not expect a quick rebound and must cut costs. “This is going to be quite tough as we forecast the volumes that we are looking at over the next few months,” Air New Zealand Chief Executive Greg Foran said in a video sent to reporters.
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