New Delhi, Mar 16: Due to the coronavirus pandemic, most airlines in the world will be bankrupt by the end of May and only a coordinated government and industry action right now can avoid the catastrophe, said global aviation consultancy firm CAPA in a note on Monday.
"As the impact of the coronavirus and multiple government travel reactions sweep through our world, many airlines have probably already been driven into technical bankruptcy, or are at least substantially in breach of debt covenants," it stated.
Across the world, airlines have announced drastic reduction in their operations in the wake of the coronavirus outbreak. For example, Atlanta-based Delta Air Lines stated on Sunday that it would be grounding 300 aircraft in its fleet and reduce flights by 40 per cent.
The US has suspended all tourist visas for people belonging to the European Union, the UK and Ireland. Similarly, the Indian government has suspended all tourist visas and e-visas granted on or before March 11.
CAPA, in its note on Monday, said, "By the end of May-2020, most airlines in the world will be bankrupt. Coordinated government and industry action is needed - now - if catastrophe is to be avoided."
Cash reserves are running down quickly as fleets are grounded and "what flights there are operate much less than half full", it added.
"Forward bookings are far outweighed by cancellations and each time there is a new government recommendation it is to discourage flying. Demand is drying up in ways that are completely unprecedented. Normality is not yet on the horizon," it said.
India's largest airline IndiGo -- which has around 260 planes in its fleet -- said on Thursday that it has seen a decline of 15-20 per cent in daily bookings in the last few days.
The low-cost carrier had stated that it expects its quarterly earnings to be materially impacted due to such decline.
CAPA said the failure to coordinate the future will result in protectionism and much less competition.
"The alternative does not bear thinking about. An unstructured and nationalistic outcome will not be survival of the fittest.
"It will mostly consist of airlines that are the biggest and the best-supported by their governments. The system will reek of nationalism. And it will not serve the needs of the 21st century world. That is not a prospect that any responsible government should be prepared to contemplate," the consultancy firm said.
Comments
Uniting all community is the great noble work. No dispute.
There are also many other ways to do the same cause.
We Muslims should always remember, ISLAM religion is very strictly on ONENESS OF GOD.
That is one and only God. No other things to be associated.
some special attributions are
One and only God,
That is unique,
No parents, no childeren, no Family, no gender.
Just to address people say as HE, it does not mean he is male.
God's specials attribution is not seen any one. That is the forem ost belief. Contradicting to it is not accepting to ISLAM, not only it, also it is a UNFORGIVABLE SIN.
So this point has to be kept in mind,
So worshipping is not allowed even to our prophetMUHAMMAD (Peace be upon him) who brought this knowledge/religion.
Even our parents are not allowed to the same.
Therefore worshipping in the name of that God, as Durga, Ganesh showing them as structure of human being is a great sin.
Just pray one real God, pray and beg to him only. Do not make pluralism in God.
May God help
Imaan disappeared in the face and acts.( a knowledge in the heart, a voicing with the tongue and an activity with limbs taken away)
May Allah guide to follow righteus path, Aameen
Add new comment