The coronavirus outbreak could cost the airline industry as much as $113 billion in lost revenue, according to the airline industry body IATA.
In new forecasts, IATA said airlines' passenger business could lose $63bn if the coronavirus outbreak is contained (in current markets with over 100 cases as of March 2). It warned, however, that if the virus continues to spread, the cost could rise to $113bn.
In this worst-case scenario, the big falls would be in Asia and Europe. IATA said European airlines could see passenger numbers drop by 24%.
This is a big increase to IATA’s previous forecasts. On February 20, IATA predicted that airlines would lose $29.3bn.