Walsh predicted domestic markets would recover next year to be almost at a level they were at in 2019, however international travel will lag “at just 44%” of 2019 levels where there were no restrictions.
Speaking at the Arab Air Carriers’ Organisation AGM in Doha, Walsh said domestic markets were expected to reach nearly 75% of pre-crisis levels by the end of this year, “but unfortunately international travel - where we see travel restrictions continuing - is only expected to reach 22%”.
Covid’s total impact on the airline industry will be in excess of $200 billion, he said, with the world’s airlines losing $138 billion last year.
“Losses will reduce to $52 billion this year. And we expect a further reduction to a $12 billion loss in 2022. Add that up and the toll that Covid-19 will take on industry finances tops $201 billion.”
Walsh added the outlook was more optimistic: “We are, however, past the worst point. We are moving in the right direction, if not as fast as we would like to go.”