The Coronavirus is also impacting the global airline industry’s bottom line. The International Air Transport Authority warns that airlines could lose more than $29 billion, with Asian carriers bearing the worst of it due to the Coronavirus. The outbreak will likely reduce air traffic by 4.7%.
This will mark as the first overall decline in demand in more than a decade. The virus has killed more than 2,000 people - most of those deaths occurred in mainland China. Because of that, dozens of airlines have canceled or reduced services to the country.