COVID-19 impact on aviation goes 'beyond' worst-case scenario

On March 4, Brian Pearce, chief economist at the International Air Transport Association (IATA), said airlines were in a "crisis zone." On that day, U.S. President Donald Trump hadn't escalated travel restrictions inside the country and to European countries, and the European Union hadn't yet taken the unprecedented and stern decision of shutting down all Schengen Area Borders between 30 countries. These alone serve as an indicator of a deeper crisis in the airline industry, which IATA admitted on a media briefing.

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