UPDATE 4-Airline crisis deepens as U.S. puts Europeans in coronavirus quarantine [Reuters]
AIR FRANCE-KLM ADS (AFLYY)
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Source: Reuters
Airline crisis deepens as U.S. puts Europeans in coronavirus quarantine PARIS/LOS ANGELES (Reuters) - European airlines bore the brunt of a dramatic expansion of the coronavirus crisis on Thursday, as U.S. travel curbs on much of the continent deepened the sector’s misery and piled more pressure on governments to offer emergency support. The 30-day restrictions announced by U.S. President Donald Trump will badly disrupt the transatlantic traffic at the core of major airlines’ business, analysts warned, as the move hammered travel stocks already battered by the virus outbreak. Those routes account for 20-30% of large airlines’ revenue and a majority of profit, Credit Suisse analyst Neil Glynn warned, “highlighting the damage to revenue lines for the coming weeks and potentially well into the summer.” He added: “A ban on travel to the U.S. will likely mean heavier cuts” than the already drastic capacity reductions set in motion as airlines scrapped flights, first to China and then to ot
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