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

Go deeper

Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,328,238 — Total deaths: 964,839— Total recoveries: 21,503,496Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,857,967 — Total deaths: 199,884 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

Texas and Louisiana face fresh flood threat from Tropical Storm Beta

Tropical Storm Beta slowly approaching the Texas coast on Monday. Photo: National Weather Service/Twitter

Tropical Storm Beta crossed the Texas coast near the southern end of the Matagorda Peninsula late Monday, the National Hurricane Center said, bringing with it the risk of "life-threatening storm surge" and flooding to parts of Texas and Louisiana.

What's happening: Texas Gov. Greg Abbott (R) made a disaster declaration and Louisiana Gov. John Bel Edwards (D) declared a state of emergency, as the states began feeling the impact of the slow-moving storm — which was causing coastal flooding along the bays near Houston and Galveston in Texas, and the Gulf of Mexico Monday, per the National Weather Service.

Louisville police declare state of emergency as Breonna Taylor decision looms

A demonstrator holds up a sign of Breonna Taylor during a protest in Louisville, Kentucky. Photo: Brandon Bell/Getty Images

The Louisville police chief declared in a memo obtained by news outlets a "state of emergency" for the department on Monday to prepare for Kentucky Attorney General Daniel Cameron's expected announcement on the Breonna Taylor case.

Of note: Louisville has witnessed more than 115 days of protests over the police killing of Taylor, an unarmed Black woman, with calls for all the officers involved to be charged.

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