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Thursday, 19 Mar 2020 02:00 pm

Airline industry may not survive without state aid if Pandemic lasts long: Lufthansa

“The spread of the coronavirus has placed the entire global economy and our company as well in an unprecedented state of emergency,” CEO Carsten Spohr said in a statement. “At present, no one can foresee the consequences.”

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Lufthansa (LHAG.DE) said that the airline industry may not survive without state aid if the coronavirus pandemic lasts for a long time, as it throws everything at bringing home travelers and keeping industrial supply chains open.

The German airline group, which has implemented drastic capacity reductions, introduced short-time working and suspended its dividend, said it was impossible to forecast the impact of coronavirus on its profitability.

“The spread of the coronavirus has placed the entire global economy and our company as well in an unprecedented state of emergency,” CEO Carsten Spohr said in a statement. “At present, no one can foresee the consequences.”

Lufthansa, which also owns Swiss International, Austrian Airlines and Brussels Airlines, has carried out and planned 140 relief flights to repatriate stranded citizens in what has been described as the biggest operation of its kind.

“In addition, we are doing our utmost to help ensure that supply chains for many thousands of businesses do not break down by mobilizing additional capacity for air freight transport,” said Spohr.

Senior management will take a 20% pay cut, Lufthansa said, as it confirmed results already released on March 13.

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Tags Lufthansa Airline Coronavirus Supply chain Air freight transport

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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