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

With coronavirus cases spiking in the U.S. and Europe, the financial outlook of the world’s airlines is getting worse.

Airlines will lose more than $157 billion over this year and next because of the pandemic, their main trade group said on Tuesday,

The forecast from the International Air Transport Association was worse than the group’s June estimate of $100 billion in losses for the two years.

The latest estimate breaks down to airlines losing $66 for every passenger carried this year.

The trade group’s chief, Alexandre de Juniac, said that without $173 billion in aid from governments, the airline industry would have suffered “massive” bankruptcies.

However, the trade group now sees a quicker recovery. It said airlines will begin taking in more cash…