Global airlines suffered throughout 2020, as reflected in IATA figures released this week—but the recovery in 2021 is going strong.bilaleldaou/Pixabay
Key Takeaways:
The COVID-19 pandemic caused an unprecedented crisis for the global air industry in 2020, with passenger numbers dropping over 60%, revenue falling 69%, and the industry incurring over $126 billion in net losses, marking the largest decline since 1950.
International air travel was hit harder than domestic, and while air freight demand also decreased, it served as a critical channel for transporting essential goods, including medical supplies.
Despite significant challenges and pilot furloughs, the industry showed resilience through government support and rapid airline actions, with early signs of recovery emerging in late 2020 and early 2021 as airlines resumed hiring.
