Photo: Marina Lystseva\TASS via Getty Images

The coronavirus outbreak could cost airlines up to $113 billion in lost revenue from declines in air travel in the spring and early summer, the International Air Transport Association said Thursday in a press release.

Why it matters: The IATA estimates that airlines could experience a 19% loss in passenger revenues if the virus extensively spreads in countries that now have 10 or more confirmed cases as of March 2.

  • IATA assumes that the industry will recover in late summer or early fall.
  • The IATA’s previous estimate in February put lost revenues at $29.3 billion based on a scenario in which the virus was confined to markets associated with China. Since that analysis, the virus has spread to more than 80 countries.

What they're saying: “The turn of events as a result of COVID-19 is almost without precedent," said Alexandre de Juniac, IATA’s director general and CEO. "In little over two months, the industry’s prospects in much of the world have taken a dramatic turn for the worse."

  • “Many airlines are cutting capacity and taking emergency measures to reduce costs. Governments must take note. Airlines are doing their best to stay afloat as they perform the vital task of linking the world’s economies," Juniac said.

The big picture: Airlines are benefitting from lower oil prices, but also have had to reduce operation costs by cutting jobs, asking employees to take unpaid leave and limiting flights, according to AP.

  • British regional airline Flybe announced Thursday that it would stop flying in part due to the virus' impact on air travel, the BBC reports.
  • Axios' Marisa Fernandez reports that British Airways announced Monday that it will begin limiting London-New York flights to match low demand.

Go deeper: Coronavirus to deliver largest decline in international travel to U.S. since financial crisis

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 11,495,412 — Total deaths: 535,185 — Total recoveries — 6,217,763Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 2,897,613 — Total deaths: 129,953 — Total recoveries: 906,763 — Total tested: 35,512,916Map.
  3. Public health: Case growth outpacing testing in hotspots — Medical community urges public to wear masks.
  4. States: Texas hospitals in danger of being overwhelmed amid surge.
  5. Politics: Meadows says Trump "is right" to claim 99% of coronavirus cases are "harmless."

Court orders temporary shutdown of Dakota Access Pipeline

Protesters against the Dakota Access Pipeline in San Francisco in 2017. Photo: Joel Angel Juarez/Anadolu Agency/Getty Images

A federal judge ordered Monday the shutdown of the Dakota Access Pipeline — a project at the heart of battles over oil-and-gas infrastructure — while the U.S. Army Corps of Engineers conducts a new environmental analysis.

Why it matters: The latest twist in the years-long fight over the pipeline is a defeat for the White House agenda of advancing fossil fuel projects and a win for Native Americans and environmentalists who oppose the project

3 hours ago - Technology

Tensions between tech industry and tech media boil over

The New York Times building. Photo: Avalon/Universal Images Group via Getty Images

Tensions between tech and tech media hit a boiling point over the weekend, in the latest fraying of a once-cozy relationship.

The shortest version is that New York Times reporter Taylor Lorenz tweeted out some screenshots from the public Instagram of Away CEO Steph Korey, in which she criticized media coverage of her company.