The body, at the ongoing yearly general meeting in Boston, United States, said the bottlenecks would cumulatively cost African carriers a $1.9 billion loss in 2021 and $1.5 billion in 2022.
New estimates showed that 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. However, robust demand for air cargo is expected to continue with 2021 demand at 7.9 per cent above 2019 levels, growing to 13.2 per cent above 2019 levels for 2022.
IATA’s Director-General, Willie Walsh, said the magnitude of the COVID-19 crisis for airlines is enormous. “Over the 2020-2022 periods total losses could top $200 billion. To survive, airlines have dramatically cut costs and adapted their business to whatever opportunities were available. “People have not lost their desire to travel as we see in solid domestic market resilience. But they are being held back from international travel by restrictions, uncertainty and complexity. More governments are seeing vaccinations as a way out of this crisis. We fully agree that vaccinated people should not have their freedom of movement limited in any way. In fact, the freedom to travel is a good incentive for more people to be vaccinated.
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