Egypt's airlines to lose $1.6 billion owing to coronavirus

Egypt’s airline industry faces a potential loss in revenue of $1.6 billion and 9.5 million fewer passengers due to the coronavirus crisis, the International Air Transport Association (IATA) said.

The impact of the disease means the country is “risking almost 205,560 jobs and around $2.4 billion in contribution to the Egyptian economy,” the association said in a report published on Thursday.

Airlines around the world made unprecedented cuts to flights amid lockdowns and widening travel curbs to contain the spread of the virus.

The IATA estimated that losses by airlines in Africa and the Middle East will reach $23 billion as a result of the coronavirus pandemic. It said this means a drop of revenues of 32 percent for Africa and 39 percent for the Middle East this year, compared to 2019 figures.