Airlines in Latin America and the Caribbean will see their revenues fall by at least $15 billion this year due to the COVID-19 pandemic. According to the International Air Transport Association (IATA), calculations are based on falling passenger demand (-41%) in Latin America but consider restrictions in flights lasting up until June, reported El Mercurio.

IATA’s vice president for the Americas, Peter Cerda, said that “most countries will keep the borders closed for at least another 15-20 days,” and IATA “would expect” the sector to revive “around May”. “The longer the global crisis lasts, the greater the risk for airlines … when we started the year, companies had, on average, between 2 and 3 months of cash. 

Countries like Colombia and Brazil in Latin America, in addition to the U.S. and Singapore, among others, have announced aid packages for airlines that tax breaks and financial support.