Wednesday , December 2 2020

One in four EU airports may face insolvency

Bloomberg

Many European airports will struggle to stave off insolvency without state help unless travel recovers from its pandemic slump by the end of the year, according to the continent’s main industry group.
Airports Council International Europe predicts that 193 out of 740 airports in the region will soon struggle to pay their bills while government-imposed quarantine requirements remain in place, according to findings. The airfields in doubt are mainly smaller, regional hubs but still account for about 277,000 jobs, ACI said.
“The figures paint a dramatically bleak picture,” Director General Olivier Jankovec said. “Eight months into the crisis all of Europe’s airports are burning through cash to remain open, with revenues far from covering the costs of operations.”
European passenger numbers fell 73% year-on-year in September, meaning the region has lost 1.29 billion travellers since January.

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