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.
![Airline values in a tailspin](/~/media/mckinsey/featured%20insights/charting%20the%20path%20to%20the%20next%20normal/2022/apr/gif%20and%20modified%20charts/pub-pandemicaviation-v6-rj-shrunk-timed.gif)
To read the article, see “Taking stock of the pandemic’s impact on global aviation,” March 31, 2022.