The travel industry got hit severely by COVID-19 and a further attack may continue as the virus spreads through the air. Due to the negligence of crowds in keeping safety measures told by WHO, coronavirus infection cases are on the rise.
People do not travel much as they did before the pandemic. Hence, airlines are hit by historically lowest revenues which can’t cover even fuel costs. Job cuts are one of the ways to reduce expenses. Selling assets may bring little cash because other competitors ran out of funds.
In the 2008 financial crisis mostly banks were destroyed and restored later. Some of them were rescued by the governments with the financial injection that coped to save other industries from cash shortage.
Before 36000 employees laid off, the federal government may fund United Airlines by covering all the operational expenses that lead to insolvency. Other airlines might announce similar news as they are facing the same issue.
Editor in Chief.
Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life