Coronavirus to deal $27 bil. blow to airlines in Asia-Pacific

Airlines in the Asia-Pacific region will lose $27.8 billion in revenues in 2020 due to the coronavirus crisis, an industry body estimated Thursday, with global demand for flights falling for the first time since the 2008 financial crisis.Demand in the region is expected to contract 8.2 percent from the previous year, a downgrade from a 4.8 percent projected increase before the coronavirus outbreak took hold in China, according to the International Air Transport Association.The bulk of revenue loss will be borne by airlines operating in China, with the $12.8 billion to be lost in the domesti…READ FULL ARTICLE