EasyJet slashes flying schedule in response to travel restrictions

EasyJet has slashed its flying schedule in response to the travel curbs rippling across Europe that have deepened the aviation crisis. It also revealed a loss of about GBP400m in the final quarter of 2020 as problems pile up for the airline industry. It suffered its first annual loss since its launch in 1995 in the financial year to September. The UK-based carrier said on Thursday it expected to fly “no more” than 10% of 2019’s schedule between January and March, down from the 18% it flew between October and December. The outlook for European airlines has darkened as countries including the UK, Belgium and Sweden tighten border restrictions, raising questions over whether tourism will return for the summer season. European airlines are reliant on travel restarting for the summer season, when they earn the bulk of their revenue. Without a pick-up in time for the summer, analysts expect several carriers will be forced to raise more cash. In the UK, easyJet’s largest market, the airlines have been hit with more travel restrictions as the government introduced hotel quarantine for arrivals from high-risk countries. EasyJet’s chief executive Johan Lundgren urged the UK government not to go further and said a blanket approach to quarantining would “make no sense”. He made his plea as chief financial officer Andrew Findlay said losses in Q4 2020 were about GBP400m, although official figures have not yet been released.<br/>