The carrier confirmed on Wednesday (24 June) it was proposing to reduce its workforce in response to the crisis.
It is understood around 100 pilot and nearly 400 cabin crew roles are at risk.
In a letter to staff, chief executive Steve Heapy said the action, while regrettable, was necessary due to the carrier’s smaller flying programme, and Jet2holidays’ reduced holidays programme.
Pre-crisis, Jet2.com and Jet2holidays was gearing up for their largest summer operation to date, with Jet2.com flying to more than 70 destinations across Europe from its nine UK bases.
Jet2holidays, meanwhile, was planning to operate to more than 550 resorts across the Mediterranean, the Canaries and Europe, it being licensed to carry more than 4.8 million Atol protected passengers.
The group is planning to restart limited operations from 15 July, by which time it is expected the government will have announced the UK’s first summer air bridge agreements to allow outbound tourism to resume.
Spain and Greece are thought to be likely inclusions, with Tui preparing to restart limited operations to both countries from 11 July. Portugal, France and Italy could all feature too.
"The implications related to the coronavirus crisis have been complicated, with changes on an almost daily basis," said Jet2.com and Jet2holidays in a statement. "Additionally, we are still faced with uncertainty in relation to lockdown and its continued challenges.
"As a result, we have had to reassess and reduce our flying programme for the remainder of 2020 and for 2021. Sadly, the overall effect of these reductions has been the need to propose a number of redundancies across our business.
"We cannot say how much we regret these proposed redundancies, and we will be consulting with appropriate representatives of the affected colleagues in order to ensure all options and issues are fully considered."
The statement added: "While we have every confidence we will bounce back from the unprecedented demands currently placed on the company, we sadly do have to make difficult decisions in the current climate.
"We very much look forward to growth returning to Jet2.com and Jet2holidays, and are confident there will be sunnier times across the industry in the not too distant future."
Jet2 parent Dart Group has taken several steps in recent months to secure the group’s finances, and fully transition its focus to leisure. These include selling its haulage firm Fowler Welch for £98 million.
The group also raised in the region of £170 million from a new share issue, and secured a £300 million commercial loan from the government’s Covid Corporate Financing Facility to provide additional cash headroom. It has also drawn down an existing £100 million credit facility.
