Boeing Co announced a halt in production of widebody jets and Airbus SE as the COVID-19 panic takes down the aviation industry. Other major airlines companies are also on the verge of taking down their production capacities as the most of them have run on negative revenues in the last quarter of 2019-20 financial year.
International travel has been already banned in majority of countries and people have also become aware of the steps they need to take to prevent the pandemic from spreading. This has majorly affected not only the revenues of the airlines industry, but also has affected the economy generated from the airports from all across the world.
In a step to prevent further loss to their businesses, many airlines have taken the decision to stop production of jets as major airlines businesses have stopped their international and in some cases domestic flights as well.
Some of the significant airlines have also asked for serious support from their respective governments in order to sustain through the situation and regain strength when all of this is over. Guillaume Faury, Chief Executive, Airbus has called for strong government support for all the airlines manufacturers and suppliers in order to recover them the present situation which is getting worse with every passing day.
The airline reservations have dropped by a further of 35 percent in the last week which has created further holes in the pockets of airlines controllers and manufacturers as they face gave losses standing at the end of the final quarter of the current financial year.
GE Aviation has decided to lay off 10 percent of its workforce because of the losses caused by the coronavirus shockwave. This was reported through a letter to one of the staff of the same organization.
With situations becoming so much worse for the aviation industry, analysts and experts are thinking hard to get the industry out of this crises. This is one of the major crises that the aviation industry has witnessed in a very long time and no pre meditated measures are available to the experts.