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Airlines Could Lose $113 Billion in Passenger Revenue due to Coronavirus, Says Industry Body

Representative Image.

Representative Image.

The International Air Transport Association said the estimate is due to the unprecedented impact of the new coronavirus that has spread worldwide.

The airline industry could lose up to $113 billion in revenue this year due to the impact of the new coronavirus, an industry body warned Thursday, as the epidemic spreads rapidly worldwide.

"The turn of events as a result of COVID-19 is almost without precedent," said Alexandre de Juniac, head of the International Air Transport Association (IATA), following a meeting in Singapore. "In little over two months, the industry's prospects in much of the world have taken a dramatic turn for the worse."