Airline losses since Covid almost $220 billion
Airline losses have totalled almost $220 billion since the pandemic.
Cirium’s World Airline Group Finance Rankings show the extent of the financial troubles the industry has faced.
This is despite some airlines getting back in profit.
It cover all of 2021 and the first half of 2022.
Airline revenues were down by half in 2020, and still 40% down by the end of 2021.
“In 2020, the revenue decline translated into net airline losses of $160 billion $42 billion last year, and losses for the first half of this year of $15 billion,” Cirium CEO Jeremy Bowen said.
Cirium said 2022 revenues were up by 70% but many airlines are still well below pre-pandemic levels.
US airlines have fared the best due the fast recovery of the domestic market.