Sure it’s bad, with BA obviously the hardest hit.
When you are making 60-80% of the profit, and everything stops, you fall the furthest.
For anyone with short memories: IAG profits in the last few years, to compare with perhaps the worst economic situation in history that we are now experiencing.
2016: €2.48bn
2017: €3.01bn
2018: €3.23bn
2019: €3.29bn
Not forgetting: special dividend paid out in 2018 of €700m, and the saving from NAPS closure of c.£800m. in 2018, and €1bn spent in share buybacks.
When compared with these numbers, BA’s loss doesn’t seem so bad.
But it will probably worsen for the rest of 2020, especially with the way governments are behaving.
At least IAG Cargo is doing really well, with record revenue.
IAG is still looking at Air Europa, maybe for a reduced price.
There are over 150 potential vaccines in development according to National Geographic.
WW said we would not return to 2019 levels until 2023.
If true, then 2023 should be a bumper year.
We just have to get through 2020-2023 first.