Coronavirus outbreak could result in $5 billion downfall in airline revenues: ICAO

International Civil Aviation Organisation on February 13 said that coronavirus outbreak could result in a $4-5 billion drop in world aviation revenue. According to reports, United Nations ncy stated that around 70 airlines h cancelled all flights to and from China. It also stated that 50 or airlines have cut down on ir China operations to curb spre of virus. current death toll in coronavirus related cases stands at 1383 and number of current cases is 64,434.

A potential loss of $5 billion

According to reports, preliminary reports showcased that cancellations and slashing down of operations resulted in a downfall of approximately 20 million passengers as compared to estimates for first quarter of 2020. In dition to this, ncy stated that this could le to a potential loss of $5 billion.

According to reports, International Civil Aviation Organisation(ICAO) in a statement said that before outbreak, different airlines h planned to increase it flight rate by a total of nine per cent of all international flights to and from China for first quarter of 2020.

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Japan is worst affected

Japan has reportedly been hit hardest by downfall in Chinese visitors in first quarter. According to reports, country's tourism industry could lose $1.29 billion whereas Thailand's tourism industry could also be hit with a loss of $1.15 billion. Japan’s Health Ministry confirmed first death from vel coronavirus, COVID-19, and victim was t part of Diamond Princess cruise ship quarantined off Japanese coast. Health Minister Katsubu Kato, in a news conference, reportedly said that Japanese woman was in her 80s and a resident of Kanagawa Prefecture, south of Tokyo.

World Health Organisation (WHO) chief has called coronavirus outbreak ‘a very grave threat’ for rest of world even if 99 per cent of cases remain restricted to mainland China. Speaking at global research and invation forum in Geneva, WHO Director-General Tedros ham Ghebreyesus said that coronavirus outbreak is a test of political, financial, and scientific solidarity.

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