Airlines' cash drawers emptied, virus causes $157 billion loss from share values

Global airlines are caught in a bind as the coronavirus outbreak reaches for their bottom dollar. They had slashed capacity by 90% and had even grounded fleets due to travel restrictions.

 

The ungodly spread of the virus had managed to take out 41%, or $157 billion, of the share value of 116 listed airlines across the globe. In a report, a number of these airlines had already used up their cash to cover less than two months' worth of expenses.

 

The International Air Transport Association (IATA), the industry's global governing body, had reported that the sector would need up to $200 billion in government support so that the airlines would survive.