Aviation industry is the one that probably suffers the most the pandemic. COVID-19 questions the future of several airlines. In end of March, flights in Europe are down some 60 per cent, in the Middle East 45 per cent, but in Asia-Pacific only 30 per cent.
In an ongoing competition for cheaper air travels, the national carriers are losing the battle with the low-cost airlines. But some flag carriers have a recipe for survival. For the past 3 years, LOT Polish Airlines has been the fastest-growing airline in Europe.
Media specializing in air traffic monitoring reported that Etihad Airways, a United Arab Emirates will not renew its management contract with Air Serbia. The Serbian government will take control over the management of Air Serbia.
The Latvian state-owned low-cost airline airBaltic announced that it will buy 60 brand new Bombardier CS300 aircraft for an estimated up to EUR4.8 bn. This is the biggest purchase in the history of the Latvian airline
Three European airlines went bankrupt in 2017. Italian national carrier Alitalia, the second biggest German company Air Berlin and the British Monarch Airlines. The latter is the biggest bankruptcy of an airline in the UK.
LOT, the Polish national air carrier, wishes to apply for a considerable public aid amounting to PLN 400 million (about EUR 98 million), but needs as much as PLN 1 billion. Meanwhile, the prospect of the company's bankruptcy continues to loom large. What would its consequences be? Probably...