The passenger airline business could suffer losses between $63 billion and $113 billion because of the novel coronavirus, depending on the severity and length of the outbreak, the International Air Transport Association said in an updated analysis published Thursday.

Alexandre de Juniac, IATA’s director general and CEO, said the outbreak amounts to a “crisis” for the industry.

The IATA had published on Feb. 20 an estimate that lost revenue would hit $29.3 billion, but that was based on a scenario confining the fallout to markets associated with China. “Since that time, the virus has spread to over 80 countries and forward bookings have been severely impacted on routes beyond China,” the industry body said.

Airlines around the world have begun canceling flights due to lower demand and complicated travel restrictions amid the coronavirus outbreak, with airlines outside Asia suffering amid a global pullback.

On Thursday, Norwegian Air announced it would cancel 22 long-haul routes linking Europe and the United States, between March 28 and May …continued .
[Source: Washington Post]