UN aviation body says coronavirus outbreak could cut airline revenues by $5bn
Vienna – The world’s airlines face potential revenue losses between 4 billion and 5 billion dollars in the first quarter as the coronavirus outbreak has led to widespread flight cancellations, according to the International Civil Aviation Organisation (ICAO).
The Montreal-based UN body based its forecast on reports that around 70 carriers have stopped all international flight connections with China, while a further 50 have scaled down their China operations.
This has resulted in an 80 per cent drop of foreign airline capacity and a 40 per cent cut by Chinese airlines.
The ICAO also forecast that first-quarter tourism revenues could drop by 1.29 billion dollars in Japan and by 1.15 billion dollars in Thailand as Chinese air
