Air Transport Industry Losses in 2020-2022 to Reach US$200 Billion – IATA

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IATA
IATA

The air transport industry losses in 2020-2022 will amount to more than $200 billion due to the ongoing pandemic, while demand for air travel is expected to continue increasing next year but will still remain below the pre-pandemic 2019 levels, the International Air Transport Association (IATA) said on Monday.

“Net industry losses are expected to reduce to $11.6 billion in 2022 after a $51.8 billion loss in 2021 (worsened from the $47.7 billion loss estimated in April). Net 2020 loss estimates have been revised to $137.7 billion (from $126.4 billion). Adding these up, total industry losses in 2020-2022 are expected to reach $201 billion,” IATA said in a release.

Air travel demand for 2021 is expected to stand at 40% of 2019 levels and to rise to 61% in 2022, the release said.

The number of passengers in 2021 will reach 2.3 billion and will grow to the level of 2014 at 3.4 billion passengers in 2022 and will be significantly below the 4.5 billion travelers in 2019, according to the release.

IATA estimates that strong demand for air cargo will continue with 2021 demand at 7.9% above 2019 levels and will grow to 13.2% above 2019 levels in 2022.

Unlike international travel that will remain severely depressed due to the travel restrictions, domestic air travel is expected to come back to the pre-pandemic levels in 2022, the release said.

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