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COVID-19 wreaking havoc on the travel industry

COVID-19 wreaking havoc on the travel industry

Photo: Dmytro/123rf

The coronavirus has destroyed the world’s economies and disrupted life in ways that only an year ago were unthinkable.

Aviation industry has proven to be an important part of the economy as it holds strong cross-industry linkages with upstream as well as downstream sectors.

It has witnessed a draconian abetment of fleets, dramatic dwindle in demand, suspension of numerous employees and accelerated cessation of airlines. The economic repercussions on the travel industry is speculated to be immeasurable. There is a decrease of about USD 400 Billion due to shrinkage of travel demand as per a research.

The business models and economics of commercialized aviation will be redesigned. They will also be required to remodel a new normal in order to acclimatize. This includes new health measures and protocols, new travel curtailments and restrictions, and possibly more impactfully, new ethos and travel keenness from passengers.

Source: Travel News

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