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IATA: Global airlines face $48 billion in losses in 2021

“Industry losses of this scale imply a cash burn of $81 billion in 2021 on top of $149 billion in 2020,” IATA said, adding that government aid has prevented widespread bankruptcies in the industry that is responsible for millions of jobs globally. 

On Monday, the US State Department announced its intention to expand the “Do Not Travel” advisory to about 80% of countries worldwide due to pandemic-related risks. Earlier this month, the UK government signaled that it is unsure whether non-essential international travel can resume on May 17 as was initially planned.

The IATA noted that the lack of progress on the reopening of the aviation sector affects the wider economy, putting a significant portion of the $3.5 trillion in GDP and 88 million jobs supported by aviation at risk.