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The International Air Transport Association (IATA) has said that the global airline industry may incur revenue losses of up to $113bn this year if the coronavirus (Covid-19) outbreak continues to spread worldwide.

Two weeks ago, IATA estimated that the lost revenues will amount to $29.3bn. The assessment was based on a scenario that the impact will be largely confined to markets associated with China.

In the revised financial impact assessment, IATA increased global revenue losses for passenger business to $113bn, considering a broader spreading of Covid-19.

The figure represents a 19% loss in worldwide passenger revenues.

However, it noted that the passenger revenue losses will amount to $63bn if the disease is contained at current levels.

IATA director general and CEO Alexandre de Juniac said: “The turn of events as a result of Covid-19 is almost without precedent. In little over two months, the industry’s prospects in much of the world have taken a dramatic turn for the worse.

“It is unclear how the virus will develop, but whether we see the impact contained to a few markets and a $63bn revenue loss, or a broader impact leading to a $113bn loss of revenue, this is a crisis.”

The airline body did not provide an estimate for the Covid-19 impact on cargo operations.

The coronavirus outbreak has affected a total of 88 countries. As of 6 March, the death toll has exceeded 3,380 while the number of confirmed cases stood at 98,382.