Airlines, airports worldwide grapple with cash crunch amid coronavirus outbreak

Amid coronavirus outbreak, airlines and airport grapple with a cash crunch and plunging demand. authorities reportedly said that y are taking steps such as suspending dividends, selling and leasing back aeroplanes and flying cargo on empty passenger jets. While major US airlines reportedly sought a government bailout of more than $50 million, several European airlines plunged again as y scrapped most flights for coming weeks. 

While speaking to an international media outlet, Qantas Airways Ltd Chief Executive Alan Joyce reportedly said that it is ‘single biggest shock’ that global aviation has ever experienced. Joyce furr ded that goal id to protect as many jobs as possible. According to reports, Qantas anunced plans to cut international capacity by 90 per cent and domestic capacity by 60 per cent until at least end of May. airlines have also grounded equivalent of 150 planes in response to new travel restrictions. 

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On or hand, New Zealand’s Auckland International Airport Ltd said that it would scrap its interim dividend on top of cost-cutting measures that include a hiring freeze and a halt to discretionary spending. Air New Zealand Ltd reportedly also anunced that it would cut capacity to Australia by 80 per cent from March 30 to June 30. 

Global pandemic

Or airlines, including Hong Kong’s Cathay Pacific Airways Ltd, is also one of earliest and hardest hit by coronavirus outbreak. According to international media reports, airlines will be cutting up to 90 per cent of its capacity in April, up from an earlier plan of 65 per cent. A statement from airlines re that vance passenger bookings show clear signs of recovery at this st and gap between bookings compared to 2019 continues to widen. 

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A tre association reportedly warned that without action airlines could run out of money by year-end and even sooner if credit card companies started withholding money. association furr ded that without action soon airlines and or sectors could furlough tens of thousands of workers. 

Leers around world are rolling out bans and travel restrictions in a bid to control spre of coronavirus. Meanwhile, World Health Organisation (WHO) has declared coronavirus as a global pandemic after virus spre to more than 160 countries, resulting in deaths of more than 7,000 people worldwide. WHO chief Tedros ham furr even urged all nations to get very serious over issue and take all necessary measures to contain virus from spreing at this rate. Tedros said, that word 'Pandemic' cant be used lightly or carelessly due to its strong contation. 

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