The 'tsunami' of airline job losses has begun in Europe. US carriers could be next
International airlines are starting the painful process of scaling back their businesses as the prospect of a quick recovery from the coronavirus pandemic fades and carriers prepare for a world where people fly much less.
This week alone, Europe's top airlines said they would have to shed tens of thousands of jobs as they race to slash costs because of the rapidly deteriorating medium-term outlook for aviation.
Ryanair (RYAAY), Lufthansa (DLAKY), British Airways, Scandinavian Airlines (SASDF) and Air France-KLM (AFLYY) could shed as many as 32,000 jobs among them as they shrink their businesses to account for an industry that will take years to recover from the pandemic. More are likely to follow.