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Seven Million Jobs At Risk As European Airline Industry Could See “Further Declines” 

Courtesy of ZeroHedge View original post here.

The International Air Transport Association (IATA) published a new report Thursday that warns the virus-induced downturn will continue to pressure air passenger numbers, employment and economies across Europe.

IATA said passenger flights are expected to decline by 60% in 2020, resulting in millions of job losses in the aviation and tourism industries.

IATA issued a similar warning of what has been announced by airlines, of which, complete recovery in passenger demand might not be seen until 2024. 

The near-term outlook for recovery in Europe remains highly uncertain with respect to the second wave of the pandemic and the broader global economic impact it could have. Passenger demand in Europe is expected to recover gradually and will not reach 2019 levels until 2024. -IATA

IATA's job loss estimate was increased by 17% from its June report, from 6 million to 7 million, mostly because the highly anticipated V-shaped recovery has failed to materialize.

"It is desperately worrying to see a further decline in prospects for air travel this year, and the knock-on impact for employment and prosperity. said Rafael Schvartzman, IATA's Regional Vice President for Europe.

Schvartzman said, "It shows once again the terrible effect that is being felt by families across Europe as border restrictions and quarantine continue. It is vital that governments and industry work together to create a harmonized plan for reopening borders."

IATA's full-year estimate of jobs supported by aviation (including tourism) at risk in mid-June 

If another wave of the virus were to hit Europe, justifying nationwide lockdowns, it could intensify the recession

Though the German tabloid newspaper Bild has said: "There will be no second hard lockdown in Europe because that would lead to a monster recession that would not be accepted by the population."


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