(Mar 6): The novel coronavirus outbreak will cost the airline industry US$63 billion ($87 billion) to US$113 billion in lost revenue from passengers this year, the International Air Transport Association said as it revised an estimate for a US$30 billion loss made just two weeks ago.

The scenario for a US$113 billion in global revenue losses would involve the virus spreading more broadly, IATA said in a statement in Singapore on Thursday. That would represent a 19% drop from 2019 and a financial impact equivalent to what the aviation industry experienced during the global financial crisis over a decade ago, IATA said.

Red Skies

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