Global Airlines Suffer US$370 Billion in Financial Losses Amidst Pandemic

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Vika Azkiya Dihni 05/07/2022 11:50 WIB

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According to the International Civil Aviation Organization (ICAO), as published by the Central Bureau of Statistics (BPS), the estimated financial losses of the world's airlines reached US$370 billion

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Global Airlines Suffer US$370 Billion in Financial Losses Amidst Pandemic

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Global Airline Losses by Region (2020)

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The aviation sector was one of the hardest hit by the Covid-19 pandemic. A drastic drop in passenger numbers led to massive airline losses.

According to the International Civil Aviation Organization (ICAO), as published by Indonesia's Central Bureau of Statistics (BPS), the financial losses of airlines worldwide are estimated to have reached US$370 billion.

The largest losses were recorded in the Asia-Pacific region, amounting to US$120 billion. This figure represents 32% of the total global airline losses.

This was followed by Europe with airline losses reaching US$100 billion and North America with US$88 billion. Losses for airlines in Latin America were recorded at US$26 billion, the Middle East at US$22 billion, and Africa at US$14 billion.

Total air passenger numbers in 2020 fell drastically by 60% due to the pandemic's impact, dropping from 4.5 billion in 2019 to 2.7 billion in 2020.

This phenomenon brought total global air travel back to 2013 levels. The ICAO stated that aviation had reached its worst moment in history with the collapse of global air travel demand.

Editor : Annissa Mutia

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Global Airlines Suffer US$370 Billion in Financial Losses Amidst Pandemic

Global Airlines Suffer US$370 Billion in Financial Losses Amidst Pandemic

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Global Airlines Suffer US$370 Billion in Financial Losses Amidst Pandemic

Global Airlines Suffer US$370 Billion in Financial Losses Amidst Pandemic

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