The International Air Transport Association has released a report for the airline industry’s performance for 2020. Unsurprisingly, it paints a picture of one of the worst years in aviation history.
In 2019, approximately a 4.5billion passengers checked into airlines. In 2020, however, due to the COVID-19 crisis, that number saw a staggering 60.2% decrease, with roughly 1.8 billion passengers. The air travel demand dropped an incredible amount in just a year.
However, IATA’s Director General Willie Walsh stated that 2020 was a testament to the perseverance of the airline industry. He stated, while governments recognized the significant financial impact that the airline industry has, it wasn’t necessarily government help, rather “the rapid actions by airlines and the commitment of our people that saw the airline industry through the most difficult year in its history.”
The airline industry’s incredible resilience through one of the most economically harrowing challenges of the modern era is a true testament to its strength. With the IATA report, financial strategists and airline analysts are able to better predict the future implications of last year’s crisis for the coming years. But the future is certainly looking brighter for the airline industry.