Travel took an immediate hit from the coronavirus outbreak. On top of movement restrictions within China, multiple airlines, including British Airways and KLM, have grounded flights. Consequently, the world’s deep interconnectedness is being laid bare – and although the situation is still unravelling, it’s clear that coronavirus poses a dire threat to the world’s travel industry. In late February, the International Air Transport Association (IATA) estimated that coronavirus could snatch close to USD 30bn from airlines’ revenue this year. Just 11 days later, this figure was admitted to be obsolete. On 5 March, IATA updated its assessment: the losses are now thought to number from USD 63bn to USD 113bn, depending on how the virus spreads. Third Bridge Forum has already explored fragments of what is a widespread and complicated situation.
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