The COVID-19 pandemic that essentially brought global aviation to a halt in April 2020 is now virtually endemic.
This AGM is an early symbol of how we can work, meet, connect, live and travel with COVID-19 in our world.
Aviation’s resilience, which has been a hallmark of our industry, is now on display.
- Demand for cargo is tracking at nearly 8% above pre-crisis levels.
- Some domestic markets are nearly back to pre-COVID-19 levels, telling us that people want to travel
- And while August traffic was still far below 2019 levels, recent announcements relaxing border restrictions should give international markets a critical boost
We are also seeing improvements in finances. We expect 2021 losses to be nearly $52 billion—cut dramatically from the $138 billion lost in 2020. Losses will further reduce in 2022—to about $12 billion. In total, the COVID-19 crisis will cost aviation $201 billion in losses before we return to profitability in 2023.
We are past the deepest point of the…