Virgin Atlantic cuts CEO pay as airline industry predicts $113 billion hit from coronavirus

Virgin Atlantic has said its boss will take a 20% temporary pay cut, as the airline became the latest to introduce emergency measures to cope with the impact of the coronavirus outbreak that has led to a slump in passenger bookings.

Less than two weeks ago, IATA had estimated lost revenues of $29.3 billion, based largely on Asian markets. “Airline share prices have fallen nearly 25% since the outbreak began, some 21 percentage points greater than the decline that occurred at a similar point during the SARS crisis of 2003,” it said in a statement.

The news from Virgin came on a day of severe turbulence for airlines, as Flybe, Europe’s largest regional airline, collapsed into administration after struggling to find financial support.

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Airlines could take $113 billion hit as coronavirus slams travel industryGlobal airlines could lose $113 billion in sales if the coronavirus continues to spread, according to the International Air Transport Association. The losses would be similar to those experienced by the industry during the global financial crisis of 2008. Sue China for the lost!!! I’m surprised they don’t have billions stashed away after charging passengers ridiculous prices for baggage for years.
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