Pandemic lockdowns cost airlines the equivalent of Greece’s GDP

The world’s airlines have lost almost US$222 billion net since the start of the coronavirus pandemic, according to a breakdown of industry finance data by aviation sector analysis group Cirium. The losses came around the same as Greece’s 2022 gross domestic product (GDP), as estimated by the International Monetary Fund. Cirium said airline revenues were halved in 2020 and ended 2021 at around 40% below pre-pandemic levels. Most of the net losses came in 2020 after governments imposed strict travel curbs and border controls in March that year. Some US$42 billion was lost by the sector in 2021, with a