European Based Airports Face Insolvency
Approximately 200 European Based Airports Face Insolvency due to Coronavirus.
Airports Council International Europe (ACI Europe) has announced a notification about the potential failure of notable elements of the European air transport sector. Almost 200 European airports are anticipated to suffer insolvency or some sort directly related to the coronavirus COVID19 pandemic. They may only survive if their central governments offer support while awaiting recovery from the pandemic.
Information released October 28 reports a year-on-year decrease of 73% of traffic at European airports in September 2020.
Further, over 170 million passengers who did not fly in September 2020. Help top up the passengers who failed to travel in 2020, up to near 1.3 billion.
A progressive descending bias through the first half of October reveals a decrease of 75% compared to the same period in 2019.
As travel is restricted between countries during the Coronavirus COVID19 Pandemic. The flow of traffic in the air is diminishing, offering very bleak financial consequences for all, especially airports. Airlines report they have already commenced plans to reduce the capacity for carrying a fare-paying passenger. This is having a severe impact on profits and cash flow. The knock-on effect across suppliers to the industry is monumental, especially on airports throughout Europe and indeed the rest of the world.