US AIRLINES SEE RED INK UNTIL 2024, SEEK GOV’T HELP
Unlike other industries that feel sanguine about the prospects of economic rebound in the US, airlines are realistic enough to see their business will have to swim in red ink until 2024.
Airlines for America, the main lobby for US airlines, does not expect air travel to return to pre-pandemic levels until 2024 and is hoping for a second round of government aid to help the industry, CEO Nicholas Calio said on Thursday (Friday, September 4, 2020 in Manila.)
“We’ve probably concluded that no one will be fully confident until” there is a treatment or vaccine for COVID-19, which has put the airline industry in a “dire situation,” Calio told a virtual media briefing.
Airlines have received federal money to survive but a 90% reduction in passenger traffic has compelled them to cut jobs and furlough pilots and ground crews, Tracy Rucinski and David Shepardson reported for Reuters.