Even before COVID-19, airlines outside North America struggled with losses. Between 2012 and 2019, airlines were bleeding $17 billion in economic profit per year. In 2020, as the pandemic affected air travel demand, airlines lost $168 billion, setting the aviation subsector back roughly 16 years. North America was not spared in 2020, either, registering $63 billion in losses.
To read the article, see “Taking stock of the pandemic’s impact on global aviation,” March 31, 2022.