Even though it is no surprise, IATA has announced that the airline industry is in dire straits. The pandemic has seen the sector literally grounded to a halt. Airline operators are seeking financial assistance from their various Governments globally.
$84 Billion is actually a conservative estimate, when you consider thousands of planes still parked in various airports and hangars due to the reopening of air routes as well as significant decreased demand arising from the Covid-19 scare. Many airlines are loathe to reopen their smaller routes in the smaller local airports around the Country due to the lack of airline passengers. These smaller routes are necessary to keep the airlines maintaining their grants and licenses from the governing authorities. But it still does not make it any less bitter to swallow. No one wants to operate a route with a handful of passengers.
Faced with the difficult decision of how to get their demand back where it was before the pandemic, where airlines were more concerned with increasing their fleet capacity, and now having to do a full reversal of that situation and cancel any orders for any new planes. That in turn has a ripple effect on other industries supporting the airline sector and on the misery goes.
It may be a while before everyone sees passengers demanding flights in a similar fashion to what they did before the virus scare. Its safer to stay put, and many are doing just that.