See the Coronavirus Impact on Airlines With These Charts
These charts paint a dire picture, as of March 17. "But one big difference between now and post-9/11 is this: U.S. airlines can borrow money," as Skift Airline Weekly Senior Analyst Jay Shabat has noted. "Last time the banks and other lenders were like, 'No way, not giving those airlines a dime.'"
Global airlines are fast running out of cash after cutting capacity by 90% or even grounding entire fleets due to the broad travel restrictions to contain the spread of the coronavirus, calling into question the survival of several firms.
The outbreak of the flu-like virus has wiped 41 percent, or $157 billion, off the share value of the world's 116 listed airlines, with many using up their cash so fast they can now cover less than two months of expenses, a Reuters analysis showed.
The industry's main global body, the International Air Transport Association (IATA), estimates the sector needs up to $200 billion in government support to help airlines survive. (More: Why U.S. Airlines Will Need to Lose the Hubris After We Bail Them Out.)
