The coronavirus pandemic is affecting the economy around the world.
An Australian aviation expert on the same say, the pandemic will make almost all airlines go bankrupt in mere weeks.
Due to the fear, travelers around the world are canceling their flights.
The carriers are grounding their services too.
Considering the same, CAPA Center of Aviation, a firm analyzing and consulting airlines said that almost all the airlines will go bankrupt by May.
The firm also revealed that to save the major airlines from getting bankrupt, a massive decision would have to be taken immediately.
CAPA said that amid the coronavirus outbreak and government reaction on travel has blasted bombs in aviation and airline world.
Most of the airlines have technically entered the terms of bankruptcy.
The debt has defiantly arrived on the airlines if they are yet to get into bankruptcy path.”
Prime Minister of Australia Scott Morrison has advised people to reconsider their travel plans.
It was also said that anyone arriving after travel will be forced to be in self-isolation for a minimum of 14 days.
The outbreak has affected the entire world and the only way to take it out of the system is by locking yourself down.
Cash reserves of airline companies are draining out.
The flights have been canceled mostly. And the ones still running are only flying less than half-filled.
CAPA also advised that a combined action by the government and the industry can only save the world from this catastrophe.
The impact will not only be on the airline industry but in all economic domains.
CAPA says that currently, the government is only concentrated on the lines drawn leaving all the other aspects out of the line.
The impact is also showing in jobs around the world.
Especially on the low wage daily pay grade workers who are completely out of work amid the scare.
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