According to data compiled by Bloomberg, 400,000 airline workers worldwide have been fired, furloughed or laid off due to the coronavirus pandemic.
The aviation industry has suffered more than most as the pandemic destroys ticket sales and strips companies of cash. Airlines have drastically cut back on flights due to border restrictions and a lack of travel demand as people are worried about contracting the virus.
Air Canada (T.AC), British Airways, Deutsche Lufthansa AG, Emirates Airline and Qantas Airways Ltd. are among the carriers announcing thousands of staff layoffs and unpaid leave programs. Many more are expected in the U.S. after a ban on job cuts — a condition of a US$50 billion government bailout — is lifted at the end of September.
Delta Air Lines Inc. (NYSE:DAL), United Airlines Holdings Inc.(NASDAQ:UAL) and American Airlines Group Inc.(NASDAQ:AAL) have already warned 35,000 employees that their jobs are at risk. The trio’s combined staff reductions could top 100,000 by year-end. Staff, such as pilots and cabin crew, who manage to keep their jobs face salary cuts.
Job losses in related industries such as aircraft manufacturers, engine makers, airports and travel agencies could reach 25 million, according to the International Air Transport Association. Airbus SE and Boeing Co.(NYSE:BA) are each cutting more than 30,000 positions at their respective companies.