As virus cases spike, financial outlook for airlines dims

With coronavirus cases spiking in the U.S. and Europe, the financial outlook of the world’s airlines is getting worse. The International Air Transport Association said Tuesday that around the world, airlines will lose more than $157 billion this year and next. That’s worse than the group was predicting back in June. It’s because fewer people are flying due to travel restrictions like quarantine requirements. The airline trade group says airlines carried 4.5 billion passengers last year, but that’s going to plunge to 1.8 billion this year and recover only partly next year, to about 2.8 billion passengers.