Emirates expects to clear its refund backlog "within the next two months" after pledging to complete the process by August.
The Gulf carrier is currently processing up to 200,000 refund requests a month, and has cleared nearly 650,000 requests in the past two months.
It comes after Emirates vowed in April to expedite its Covid refund processes; it has so far repaid customers more than £400 million (AED 1.9 billion).
"This pandemic is a black swan event no-one expected, impacting travellers and hitting the airline and travel industry hard," said Adnan Kazim, Emirates chief commercial officer.
"We are committed to doing what’s right by our customers. That’s why we ring-fenced cash to honour refunds, and invested resources to expedite processing.
"Our average processing time for refunds has reduced from 90 days to 60, and as we see lower volumes of new requests, we expect this rate to further improve."
Kazim revealed Emirates still had more than half a million refund requests to manage, which it expects to clear "within the next two months".
"We’d like to thank our customers for their patience and trust," he added.
Emirates has also reviewed its booking policies and products amid the crisis; customers who purchase an Emirates ticket before 31 July for travel on or before 30 November can make changes if their travel plans are affected by Covid-related flight or travel restrictions.