GENEVA — IATA has updated its analysis of the ***********’ financial impact on the global air transport industry.

IATA says it now sees 2020 global revenue ****** for the passenger business of between US$63 billion (in a scenario where the *********** is contained in current markets) and $113 billion (in a scenario with a broader spreading).

IATA’s previous analysis, issued in late February, put lost revenues at $29.3 billion based on a scenario that would see the impact largely confined to markets associated with China.

Since that time the ***** has spread to over 80 countries and forward bookings have been severely impacted on routes beyond China.

Financial markets have tumbled and ******* share prices have fallen nearly 25% since the outbreak began, some 21 percentage points greater than the decline that occurred at a similar point during the **** ****** of 2003. To a large extent, this fall already prices in a shock to industry revenues much greater than previous analysis, says IATA.

“The turn of events as a result of ******** is almost without precedent,” said Alexandre de Juniac, IATA’s Director General and CEO. “In little over two months, the industry’s prospects in much of the ***** have taken a dramatic turn for the worse. It is unclear how the ***** will develop, but whether we see the impact contained to a few markets and a $63 billion revenue loss, or a broader impact leading to a $113 billion loss of revenue, this is a ******.”

He adds: “Many airlines are cutting capacity and taking ********* measures to reduce costs. Governments must take note. Airlines are doing their best to stay afloat as they perform the vital task of linking the *****’s economies.

“As governments look to stimulus measures, the ******* industry will need consideration for relief on taxes, charges and slot allocation. These are extraordinary times.”