'Devastating and unrelenting' Covid-19 crisis will cost airlines $157b, says IATA

More huge losses are looming for the airline industry as carriers brace for the Covid-19 crisis to extend well into 2021. The IATA forecast Tuesday that the sector will lose $157b this year and next due to the pandemic. That's much worse than previous estimates. "This crisis is devastating and unrelenting," IATA DG Alexandre de Juniac said in a statement.<br/>De Juniac said that Covid-19 made 2020 the worst financial year on record "bar none." The industry group expects net losses to total $118.5b, worse than the $84.3b forecast in June. IATA now thinks the airline industry will lose $38.7b in 2021, deeper than its previous $15.8b forecast. "We need to get borders safely reopened without quarantine so that people will fly again," said de Juniac. "With airlines expected to bleed cash at least until the fourth quarter of 2021 there is no time to lose."<br/>