Demand for Middle East jet fuel is forecast to tumble by a record amount this year as COVID-19 restricts travel, the London-based international energy company S&P Global Platts reported.
Travel restrictions in the Middle East, home to long haul airlines Emirates, Etihad and Qatar Airways, are expected to cost the carriers $19 billion in lost passenger revenue and lead to a 39 per cent drop in passenger demand in 2020, according to March 24 projections by the International Air Transport Association.
Dramatic impact of #COVID19 on European #airlines: an estimated $76bn fall in revenues and 46% decline in demand. This risks up to 5.6 mn jobs across #Europe. It’s essential that governments support the industry financially. Follow the link for more👇https://t.co/h2yEbVsqMB pic.twitter.com/ULMcEbvTA1
— IATA (@IATA) March 26, 2020
“The airline industry faces its gravest crisis,” the International Air Transport Association Director General and CEO Alexandre de Juniac said in a statement.
It comes as the United Nations predicted COVID-19 is likely to cost the international economy $1 trillion in 2020.
The #coronavirus outbreak could cost the global economy up to $2 trillion this year.@UNCTAD is calling on governments to take urgent steps to reduce the economic impact. https://t.co/bFGE9SZemC #COVID19 pic.twitter.com/EUkvKzJtwb
— United Nations (@UN) March 9, 2020